EU rethinks requirement to tape phone calls

Industry officials say it was feared intermediaries, distributors and investment companies would essentially have to record every telephone conversation with clients in case the discussion at any point shifted to their investment products already held, and potential changes they might request. Taping telephone calls would have been required under the Markets in Financial Instruments Directive, in relation to a company’s arrangements for recording the ordering of investment products or financial instruments. Sources at the Treasury deny the requirement to record “orders for financial i...