Home Enterprise Solutions Blackberry, VoxSmart offer services for MiFID II compliance

Blackberry, VoxSmart offer services for MiFID II compliance

Canadian smartphone maker Blackberry has announced a partnership with mobile surveillance and compliance firm VoxSmart to help financial services companies comply with the European Union’s Markets in Financial Instruments Directive.

The companies will use Blackberry's unified endpoint management VoxSmart's VSmart technology to offer recording, storing and analysing of mobile voice, text and messages from third-party applications like WhatsApp and WeChat.

The EU regulations, known as MiFID II, takes effect on 3 January, 2018 and seeks to make financial markets in Europe more resilient, transparent and investor-friendly. It is one of many measures enacted in response to the global financial crisis.

MiFID II stipulates that investment firms must keep records of all services, activities and transactions for a minimum of five years in a readily available manner that cannot be modified or deleted.

All email, instant messaging, telephone conversations and documents must be retained even if they do not lead to transactions, according to the regulations.

Paul Crighton, Blackberry's vice-president APAC, commented: “Financial services institutions are under increased regulatory and compliance pressure. The actions undertaken by the European Union will likely inspire similar models in other regions.

"We are already helping institutions in the financial services sector put solutions in place to ensure they are compliant with the recent mandatory data breach notification bill in Australia.

"Soon, companies trading with Europe will also need to assess compliance with EU’s General Data Protection Regulation. Australian banks, insurers and other financial institutions will need to make the right technology decisions today if they want to ensure they are compliant by 2018."

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Sam Varghese

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A professional journalist with decades of experience, Sam for nine years used DOS and then Windows, which led him to start experimenting with GNU/Linux in 1998. Since then he has written widely about the use of both free and open source software, and the people behind the code. His personal blog is titled Irregular Expression.