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Version date: 10 July 2017 - onwards

Question 12 Scope of activities covered by the requirements in Article 16(7) of MiFID II [Last update: 10 July 2017]

Art. 16(7) of MiFID II

Do the record keeping requirements set out in Article 16(7) of MiFID II apply only when, through a given channel, the execution and transmission of the order is allowed in addition to the reception and transmission of the order?

Answer 12

No.

ESMA considers that the content of Article 16(7) of MiFID II and the related Article 76 of the MiFID II Delegated Regulation does not support the narrow interpretation that telephone conversations and electronic communications should be recorded only when, through a given channel, the execution and transmission of the order is allowed in addition to the reception and transmission of the order.

The first subparagraph of Article 16(7) of MiFID states "Records shall include the recording of telephone conversations or electronic communications relating to, at least, transactions concluded when dealing on own account and the provision of client order services that relate to the reception, transmission and execution of client or

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