Obligation of bank branches to record their conversations.

 With the entry into force of the MiDID II Directive on January 3th, 2018, the investment services entities will be forced to record all the conversations they have with their clients, thus covering their backs against possible complaints to the court. The Securities Market Law, which will transpose the directive, only requires to record telephone conversations or electronic communications which are kept with customers about operations or about the provision of services related to the reception, transmission and execution of orders. These records will be available for to customers if they request it. The recordings will be kept for 5 years, and 7 years when the National Commission of Securities Markets requests it. This registry must be enough to allow the CNMV to perform its supervisory functions over the investment services companies and theses have fulfilled all their obligations. This measure aims to provide a greater transparency between the relationship of investment services entities and their clients. In order to avoid or be able to defend against future complaints.