Skip to main content
Skip table of contents



MiFID II stands for Markets in Financial Instruments Directive II.  MiFID II entered into force in 2014 through Directive 2014/65/EU and was subsequently implemented into Czech law by Act No. 256/2004 Sb., on Capital Market Business. MiFID II establishes the legal framework governing firms and entities providing investment services or activities in the EEA, including investment firms, trading venues or data reporting platforms.

One of the aspects that the Directive focuses on is consumer protection, setting out a defined series of measures to be implemented by firms to ensure regulatory compliance.

MiFID II establishes record-keeping rules firms must follow, including recording telephone conversations and electronic communications. Article 16 MiFID II and par. 17 Act No. 256/2004 Sb requires firms to maintain records of customer communications relating to the reception, transmission and execution of orders for clients.

The Daktela system records all communication channels, i.e. not only phone calls on main numbers and internal employee communications, but also allows for employees’ work mobile phones to be recorded, which is one of the core conditions of MiFID II compliance. Using Daktela, it is also possible to record customer communication on platforms such as web chat, instant messaging (Facebook, WhatsApp, Viber, Instagram), text messaging and emails. The Daktela system meets this basic MiFID II requirement.

In Daktela, it is possible to set how long communications history will be stored, ranging from a few days to 10 years (or more) depending on project definition and data volumes. MiFID II requires the retention of all communication records referenced above for 5 years (can be increased to 7 years by the supervisory body). The Daktela system is ready for this requirement. Larger data volumes and storage periods however do mean increased storage costs.

MiFID II also mandates that the communication channels be stored in unchangeable form (WORM – Write Once Read Many) with restricted access using the N2K (Need to Know) principle. Both these approaches are implemented and applied in the Daktela system. Access settings define which employees can access the recordings and which ones (if any) can remove them. Additionally, all records include a timestamp synchronized with UTC, thereby complying with another MiFID requirement – keeping a record of the chronology of individual steps.

For voice communication, it is also mandatory to inform the customer if the communication is being recorded. Without the customer’s consent, firms cannot provide investment services over the phone. The Daktela system meets this MiFID II requirement using a recording automatically played back to the customer before the firm representative begins talking to the customer.

Security and high uptime is key for Daktela. That is why we have implemented MiFID II requirements into Daktela V6. In addition, we have introduced new procedures when implementing projects that require MiFID II compliance. All the Daktela communication channels meet the most stringent requirements of  uptime, confidentiality and integrity.  

JavaScript errors detected

Please note, these errors can depend on your browser setup.

If this problem persists, please contact our support.