Along with the type of financial services you provide and the types of clients you serve, the location of your organization plays a significant role in the supervision and reporting of your recordkeeping requirements. While both MiFID II and FINRA/SEC rules aim to reduce fraud and malfeasance in the financial industry, they often have different ways to reach these goals.
While recordkeeping requirements may vary between the two regions, your responsibilities as an organization ultimately remain the same: You must be ready and able to supervise, archive, and produce all relevant business communications. Fail at this task, and your organization may face major penalties — which makes it crucial that you understand and adhere to the regulations applicable to your organization.
Use this summary of FINRA and MiFID II requirements to see how similarities and differences may impact your organization based on the regions where you do business.
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