FCA telephone and electronic communication recording requirements
FCA telephone and electronic communication recording requirements

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • FCA telephone and electronic communication recording requirements
  • Background to telephone and electronic communication recording requirements
  • Application of FCA telephone and electronic communication recording requirements
  • What activities are caught by the rules?
  • Which activities are not caught by the rules?
  • Reasonable steps
  • Notification
  • Keeping records

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

Background to telephone and electronic communication recording requirements

This Practice Note explains the Financial Conduct Authority’s (FCA) rules for recording telephone conversations. It is relevant to investment firms, including banks, stockbrokers, investment managers (including collective investment scheme managers and hedge fund managers) and financial and commodity derivative firms.

The recording regime is primarily aimed at detecting and preventing market abuse.

In March 2008 the FCA’s predecessor, the Financial Services Authority (FSA), published rules on recording telephone conversations and electronic communications (the taping rules). The rules in part implemented parts of the Markets in Financial Instruments Directive (Directive 2004/65/EC) (MiFID) and in particular Article 51 of Commission Directive 2006/73/EC (the MiFID Implementing Directive). The rules were effective from March 2009. Originally the taping rules did not apply to telephone conversations and electronic communications (except emails) made with, sent from or received on a mobile telephone or other mobile handheld electronic communication devices (the so-called mobile phone

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