Wrestling Over Competing Mifid II, GDPR Data Demands
The data gathering, retention and reporting requirements of Mifid II seem at odds with the enhanced personal data protection rules of the GDPR. But with careful consideration, financial institutions can balance their regulatory obligations under the two pieces of legislation, although the road to compliance is far from smooth, as Kirsten Hyde reports.
The purpose of Mifid II, which came into force on January 3 this year, is to provide a strengthened financial services regulatory framework with improved transparency requirements for the benefit of investors. As a result, large sets of data, often including personal data, are processed by investment firms to comply with the rules. For example, firms are required to keep records for at least five years of client orders and decisions to deal, transactions, and order processing details to aid
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