The FSA says all telephone and electronic communications where a firm "negotiates, agrees and arranges transactions in the equity, bond and derivatives markets" will need to be recorded from March 2009, in a bid to detect market abuse.
Last year, the FSA consulted on rules regarding the taping of phone calls and then conducted a cost-benefit analysis based on the comments it received. As part of the consultation, retention periods for recorded communications were reduced from three years to six months, while mobile phone calls will be exempted, subject to an 18-month review. Discretionary investment managers will not be required to record phone and electronic communications with firms that are subject to the new rules. Details of the new rules can be found here. If you would like to comment on this story, contact:...
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