REGULATIONS
Custodia, as the world's leading financial compliance company, can help you navigate the myriad of regulations governing the finance industry.
"There are currently more than 750 global regulatory bodies and governing businesses in operation, placing financial organizations right under the microscope."
MARKET ABUSE REGULATION (MAR)
The first of the latest line of regulations to be introduced was the Market Abuse Regulation, which came into effect in 2016. MAR created new offenses, widened the scope of traded financial products regulated, and encompassed the need for greater surveillance.
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MAR raised the bar in terms of diligence, mapping behaviors and placing more emphasis on the need to monitor and report possible abuse. The challenge for financial firms to comply with MAR, GDPR and MiFID II is tough, as every type of voice and data interaction must be captured, recorded and monitored.
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Custodia has a wealth of expertise in delivering and maintaining robust VR solutions to keep you compliant, wherever you do business in the world.
MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE II
(MiFID II)
The introduction of MiFID II has redefined the general framework for financial organizations operating within the EU by creating the need for a transparent and fully accountable trading environment, across a wider spectrum of financial products. There is now a mandatory requirement for regulatory bodies to have near-instant access to a broad range of trading activities, with the threat of heavy financial penalties for any organization failing to adhere to the new rules.
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To fully comply with MiFID II, financial institutions need to be able to record, monitor, and manage a comprehensive set of client interactions, including instances when a transaction may have been intended, but did not take place.
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Voice, Mobile, Data, IM, Video Calls and all electronic communications must be captured, analyzed, logged and kept for a minimum of 5-7 years. Clients also need to be informed that each call is being recorded.
Custodia has the capabilities and capacity to ensure that your organization can effectively capture, analyze, manage and control all types of voice and data communications, to satisfy MiFID II regulations.
GENERAL DATA PROTECTION REGULATION (GDPR)
The introduction of GDPR impacts upon the capture, processing and use of personal information of any individual who lives within EU borders, regardless of where any website is based, opening up the need for compliance with GDPR outside the EU, for organizations who may not necessarily market products or services to EU citizens.
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The prohibition on sending out personal information or data to countries which don’t provide adequate protection for citizens limits transactions under GDPR.
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GDPR together with MiFID II help achieve the goal of delivering a transparent market with clearer rights for protecting investors. With offices and global support throughout the EMEA, Americas and APAC, Custodia can help ensure that you achieve full GDPR compliance.
DODD–FRANK ACT
Protecting consumers since 2010, Dodd–Frank continues to push the boundaries of risk management through the threat of significant penalties for corporations failing to keep accurate records of communications.
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Like MiFID II and GDPR, which stipulate the need for non-EU firms to comply with EU directives, Dodd–Frank applies equally to US and also non-US based financial institutions trading with US citizens.
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All financial firms must capture and keep records for 5-years and provide information on demand to regulators, within 72-hours of an initial request.
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The onus on financial firms to actively monitor for suspicious or manipulative activities is highly challenging because of the necessity for all forms of communications to be captured.
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Custodia has the expertise, understanding and capabilities to keep your corporation fully compliant with the challenges of Dodd–Frank and similar regulatory frameworks across the world, including MiFID II.