Q&A · ESMA

Scope of the record keeping obligation of telephone conversations and electronic communications

Answered

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AI-generated Summary

Calls and electronic communications that only discuss investment options must be recorded under Article 16(7) MiFID II if they are intended to, and may, result in a transaction, even where no trade can be entered during the interaction and the order is placed through another channel.

Details

Reference	ESMA_QA_2416
Issuer	ESMA
Published	18 Jun 2025
Answered	18 Jun 2025
Submitted	27 Jan 2025
ESMA topics	Recording of telephone conversations and electronic communications

Provisions it relates to

Article 16 MiFID II · Organisational requirements
MiFID II
ESMA rulebook
MiFID II (whole act)
Explicit reference

Documents it refers to

Delegated actIn forceExplicit reference
Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive
European Commission · 31 Mar 2017 · EUR-Lex
AI summaryThe main MiFID II Delegated Regulation: defines key terms (such as investment advice, systematic internaliser, algorithmic and high-frequency trading, and direct electronic access) and sets detailed organisational requirements and operating conditions for investment firms, including compliance, conflicts of interest, remuneration, client information, suitability and appropriateness, best execution, client order handling, reporting to clients, record keeping and transaction-level obligations.