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Shield for Information about GDPR and MiFID II

In fact, both sets of rules do not contradict one another, with GDPR providing clear, prescriptive instructions on areas like how to record, store, and keep data with the best data hygiene practices. Watch the infographic or visit us at https://bit.ly/3hwcFKA for more information.

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Shield for Information about GDPR and MiFID II

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  1. GDPR and MiFID II Clash or Opportunity? " Building a data management blueprint The first half of 2018 saw two major legislative frameworks come into force, both within the European Union. In January that year, the revised Markets in Financial Instruments Directive (MiFID II) rolled out. Designed as part of financial industry reform legislation, MiFID II covered — and continues to cover — assets and professions in the EU’s financial services industry. A few. months later, in May, the General Data Protection Regulation (GDPR) arrived, covering data protection and privacy in both the EU and European Economic Area, as well as the transfer of citizens’ personal data outside these two areas. Making trade communications searchable In order to support trade reporting and best execution, firms must ensure that all trading communications made between regulated firms and clients are recorded and made searchable. This includes telephone calls, emails, documents, and any instant messaging platforms used as communication channels. At face value, firms might consider the requirements to both gather and store data under MiFID II — including personal details of traders — to contradict GDPR guidelines, which are built around user privacy and limiting the processing of data. In short, GDPR appears to go against MiFID II by giving individuals the power over what firms are able to do involving their personal data. Managing both forms of legislation The interconnectedness of these two crucially important pieces of legislation means that any technology solutions must be able to help manage both. Firms that have adopted a siloed approach to data capture under MiFID II face serious problems if the MIFID II systems are not GDPR compliant. This creates big risks around security, privacy, and accessibility of data, along with data processing. MiFID II and GDPR regulations and enforcement will only become more stringent. Neither set of rules is new anymore, meaning that there is zero excuses for failing to comply. If they haven’t already, firms must make sure that they take the right precautions now, rather than risk being caught short at a later date. https://www.shieldfc.com/

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