Liberum selects TeleWare for MiFID II compliance solution

The boutique investment bank Liberum Capital, is using TeleWare’s industry-leading mobile communications recording technology to ensure teams across the bank are compliant with the record keeping requirements of the recently introduced MiFID II legislation as well as the forthcoming GDPR regulation.

The revamped version of the Markets in Financial Instruments Directive, or MiFID II, is designed to offer greater protection for investors and inject more transparency into all asset classes: from equities to fixed income, exchange traded funds and foreign exchange.

The directive demands that all communications are recorded and stored for at least five years. Records need to me made available which are suitable to reconstruct all relevant communications for the regulator within 72 hours.

Liberum had multiple requirements across the business in order to comply with the communications monitoring elements of the directive. Some employees needed end-to-end compliance capabilities. Some only needed communications monitoring for specific interactions. Others needed international compliance capabilities, both when making international calls and when travelling overseas. In addition, employees were all on multiple mobile networks.

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Employees are now benefiting from TeleWare’s:

  • Compliant SIM Based Mobile Recording

TeleWare’s mobile call and SMS recording SIM is fitted within the phone, compliantly capturing all communications with multiple storage and retrieval options.

  • Re:Call App Recording

This newly launched app allows Liberum employees to separate their personal and professional calls from their own device, recording business related communications when needed. Re:Call runs on any UK carrier SIM and can support the requirements of GDPR in respect of separating personal and business communications.

David Boulton, Infrastructure Manager at Liberum comments: “MiFID II has required huge investment, in terms of people, processes and technology. We needed to find an effective communications monitoring solution which our employees could turn on and off as required and also support the global nature of a lot of the work we do. TeleWare’s products have ticked all the boxes. Easy to use, flexible to our needs and cost-effective across international territories.”

Steve Haworth, CEO at TeleWare, explains: “Liberum came to our partner, Business Systems, with a number of different requirements. Business Systems immediately identified TeleWare’s mobile voice recording suite as the solution. We are the only developers in the market to offer both an in-phone SIM and app solution.”

“Liberum can now enjoy optimum flexibility, in that it can turn both monitoring and roaming on and off as it needs. In addition, with TeleWare’s roaming passport Liberum has an element of predictability over its international costs. An easy, cost-effective way for the business to comply with the communications monitoring element of MiFID II.”

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