- Federal Rules of Civil Procedure
- Sarbanes Oxley Act of 2002
- SEC 17a-4
- Gramm – Leach Bliley Act – GLBA
- Investment Industry Regulatory Organization of Canada (IIROC) 29.7
- Investment Advisors Act of 1940
- The Health Insurance Portability and Accountability Act of 1996 (HIPAA) Privacy and Security Rules
The EU Markets in Financial Instruments Directive (MiFID) came into effect 1st November 2007, bringing a number of requirements on Financial Services organisations across Europe. Download PDF you will need Adobe reader.
In the UK the measures stipulated under MiFID were to be brought into effective regulation by the Financial Services Authority (FSA). This regulation is helping to drive the UK Financial industry, where the FSA has recently (March 2008) published proposals(PS08/01) to mandate recording of voice calls for trading purposes for the first time. This policy came into effect in March 2009.
Recording mobiles phones is clearly on the legislative agenda despite a temporary dispensation to allow penetration and maturity of the technology and the FSA have announced they will review mobile recording regulation in September 2009. Already there are signs that the FSA are confident that the technology is available to support mandatory recording of mobiles.
Many financial institutions are looking to the competitive advantage of using mobiles to be more flexible and responsive now that recording is readily achieved.
It is estimated that 41% of firms use mobiles to some extent for trading. It makes little sense to invest in fixed line recording systems if mobiles provide a loop hole.
Following on from recent events and the G20 summit, the appetite for increased regulation of financial services is growing.