THE FSA has published new rules requiring firms to record telephone conversations and other electronic communications to help deter and detect market abuse.
From March 2009, firms will be required to record all communications relating to client orders and the conclusions of transactions in the equity, bond and derivatives markets. The FSA consulted on the taping rules last year. In response to the comments received, it conducted a further review of the cost-benefit analysis and discussed with the industry the scope and practicalities of the new rules. The original proposals changed significantly following this work - the retention period for recorded calls and communications has been reduced from three years to six months, while mobile phon...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes