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Firms must record phone conversations by 2009

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 have to record all telephone conversations and electronic communications relating to client orders and the conclusion of transactions in the equity, bond, and derivatives markets.

The FSA consulted on the taping rules last year. In response to the comments received, the FSA conducted a further review of the cost-benefit analysis and discussed with the industry the scope and practicalities of the new rules.

The retention period for recorded calls and communications has been reduced from 3 years to 6 months.

Mobile phone conversations have been exempted from the taping rules but this will be reviewed in 18 months time.

In addition, discretionary investment managers will not be required to record telephone conversations and electronic communications with firms that are subject to the taping rules.


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