During assessments and implementations of Mifid II projects, these contradictions have become obvious.
While the answer to this issue is still unclear, businesses are realising that they need to heavily scrutinise what data they retain and how long they retain it.
3. The Mifid II compliance bill has not been fully paid
The new regulations introduced by Mifid II are widespread and costly.
The implementation of Mifid II has meant that businesses will have already spent much of 2018 preparing and adjusting to the new regulatory landscape.
Opimas Analysis, a research consultancy, estimated that it would cost the financial services industry €2.5bn alone to implement Mifid II.
The cost is expected to be significantly higher over time, with firms expected to spend over €700m to maintain compliance annually over the next five years. The Mifid II bill has yet to be fully settled.
4. Firms are seeing the benefit of technology investment
Despite high costs and some initial road bumps, companies that have invested heavily in their data capture technology are starting to see the benefit.
Most fundamentally, advanced technology is helping companies to stay on top of the ever-changing regulatory landscape.
However, companies are also finding value in capturing their internal communications data.
Productivity platforms like Slack are increasingly offering their users add-on tools that can provide a wealth of insight into the ways that teams work with one another.
As data analytics becomes an increasingly integral part of the future workplace, those companies that invested data capture technology because of Mifid II will be ahead of the curve.
5. There are further compliance challenges ahead
Regulatory change does not stop with Mifid II and GDPR.
New regulations include the European Market Infrastructure Regulation, Mifid III (potentially), and a host of UK-specific regulation following the UK leaving Europe.
Many companies are now realising that what proved to be suitable for Mifid II may not be suitable for future compliance regulations.
The only way to stay on top of the ever-evolving regulatory landscape is to invest in technology that can meet the requirements of current regulations and adapt when the regulatory landscape changes again.
Shaun Hurst is technical director at Smarsh