Fulfilling the Requirements of MiFID II

The clock is ticking...


The amended Ordinance on Financial Investment Mediation (FinVermV) which will take effect on 1st August 2020 has been drafted to increase transparency in financial markets and to protect investors.

With the present ordinance, new minimum requirements regarding consumer protection are to be transferred from the EU Markets in Financial Instruments Directive (MiFID II) to FinVermV which stipulates in § 18a the recording of mediation and consultation calls as well as of all other electronic communication.


In addition to banks, liability umbrellas and asset managers with a BaFin license according to § 32 of the German Banking Act (KWG), this also applies to financial investment brokers with a license according to § 34f of the German Commercial Code (GewO) and to fee-based financial investment advisors with a license according to § 34h GewO.

What must be observed?

Recording obligation:

  • Whenever communication relates to mediation of or advice on financial investments within the meaning of § 34f para. 1 sentence 1 of GewO.
  • When discussing risks, income opportunities or the structure of certain financial assets or classes of financial assets.

Notification obligation:

  • Traders must inform investors and employees in advance in an appropriate manner that phone calls and other electronic communication are recorded.

Documentation and retention obligation (10 years):

  • Storage on permanent media
  • Recordings must be kept and stored in such a way that they can be accessed at all times from the business premises
  • Recordings must be protected against subsequent manipulation and unauthorized use

Which channels must be taken into account?
  • Phone

    • Fixed-line office
    • Fixed-line home workplace
    • Mobile phone
    • Video communication/screen sharing
    • Snapview
    • Microsoft Teams
    • Slack
    • Purpleview
    • Cisco Jabber / Teams
  • Chat

Analysis to meet compliance regulations
  • Checking for mandatory compliance statements
  • Documentation of consultation calls – transcription of calls for future reference and for the preservation of evidence
  • Automatic categorization according to relevancy
  • Searching, tagging, and replaying data
  • Improved risk management – automated analysis of all calls
  • Fraud detection to avoid fines and sanctions
Storage of data
  • For 10 years – evidence-proof and impossible to manipulate
  • Completely redundant in the ASC Cloud
  • Automatic transfer to customer filee

Your advantages at a glance

    ASC has been catering to the needs of customers from the financial industry for decades – this makes ASC the strongest partner for highest security requirements and state-of-the-art features.
    No operation of the cloud solution – only user configuration and 1st level support by customer/partner.
    Consultants have access to their own data only – data protection officers and employee organizations rely on ASC!
    Certified solutions for all renown communication solutions.
    Redundant and audit-proof - guarantees legally compliant data storage and quick search and replay.
    Mobile or fixed line – our solution is as mobile as your employees.
    Flexibly adding users and storage capacity – the solution grows with your demand.
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