In accordance with Article 16(7) of MiFID II, telephone and electronic communications related to transactions must be recorded. This includes exchanges intended to result in transactions, even if they do not materialise, as well as relevant internal communications for client orders. Communications to be recorded include telephone calls, emails, instant messages, SMS and video communications, as well as face-to-face exchanges documented on a durable medium.

Delegated Regulation 2017/565 details the technical and organisational arrangements for the retention of communications in its Articles 72 to 76. These articles specify the requirements to ensure the integrity and availability of records.

Article 321-73 of the AMF General Regulation specifies that the minimum retention period for telephone recordings is six months, with a maximum duration of five years. This duration applies specifically to telephone recordings and may vary for other types of recordings.

Delegated Regulation 2017/565 requires a 'WORM' (Write Once Read Many) format for the storage of recordings. This format ensures that recordings cannot be modified or deleted, thus guaranteeing their integrity and authenticity. The recordings must also be timestamped in Coordinated Universal Time (UTC) and remain accessible and searchable.

The retention periods for records are at least five years, but may be extended to seven years at the request of the competent authority. For telephone recordings, Article 321-73 of the AMF General Regulation specifies a minimum duration of six months and a maximum of five years. Thus, the duration may vary depending on the type of recording and the requests of the authorities.

Communications that must be recorded include all those related to transactions, such as telephone calls, emails, instant messages and SMS. Communications that do not need to be recorded include those unrelated to transactions or made on unauthorised private devices.

Before providing any service, the firm must inform the client that their communications will be recorded. This notification may be made only once for the entire client relationship. No telephone service may be provided to a client who has not received this prior information.

In accordance with the regulations, clients have the right to request a copy of the records concerning them. These copies must be delivered on a durable medium, thus ensuring their accessibility and integrity.