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MiFID II Telephone Taping (Updated)

With less than one month to go until MiFID II goes live, the FCA has amended the rules on telephone taping which will apply to all discretionary investment managers from 3 January 2018.

Buried within the FCA Handbook Notice 48 are some late amendments to the taping rules that will significantly benefit a number of private equity and venture capital firms and other firms dealing in non-traded securities and related products. Under the updated rules, MiFID portfolio managers and article 3 firms will now be able to benefit from the exemption from the taping requirement in respect of products that are not traded on a trading venue and OTC products that are not based on/derived from products that trade on trading venues.