Ps10 17 Newsletter
Transcript of Ps10 17 Newsletter
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InSummary
P o l i c y S t a t e m e n t
Financial Services Authority
Taping of mobilephones
Feedback on CP10/7 and final rules
November 2010
10/ 17
The full PS10/17 can be found at:
www.fsa.gov.uk/pages/Library/ Policy/Policy/2010/10_17.shtml
This paper will be of primary interest to investment firms
including banks, stockbrokers, investment managers (including
collective investment scheme managers and hedge fund managers),
and financial and commodity derivatives firms.
Removing the exemption will provide an extra source of voice
and electronic communication evidence, which can be used to
help us counter the key priority of market abuse and increase the
probability of successful enforcement. The new rules will also
contribute to our wider effort to promote cleaner markets which
should in turn, enhance market confidence.
Download the full PS: www.fsa.gov.uk/pages/Library/Policy/Policy/2010/10_17.shtml 1
Policy Statement 10/17
N
o v e m b e r 2 0 1 0
Taping of mobilephones: Feedback on
CP10/7 and final rulesHow mobile phone taping affects your firmAs we publish our Policy Statement (PS) – Taping of mobile
phones: Feedback on CP10/7 and final rules – we report on
the main issues arising from CP10/7 and publish the made
rules. For more details, read the full paper on our website:
www.fsa.gov.uk.
Will this affect you –directly or indirectly?
Why is this important?
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We are extending the taping rules so firms record and keep copies
of all relevant conversations made on mobile phones provided to
individuals by firms for a period of six months. To support this,
we have introduced a new rule requiring firms to take ‘reasonable
steps’ to ensure such conversations do not take place on private
communication equipment, as a firm cannot record these for
privacy reasons.
Firms must comply with the changes to our taping rules by
14 November 2011.
Although many member states have their own taping requirements
– which apply to fixed lines as well as mobile phones – regimes
differ across the EU. As part of its Markets in Financial Instruments
Directive (MiFID) review, the European Commission is currently
reviewing member state discretion about telephone recording
requirements, including the length of time that telephone records
should be retained.
In March 2008, we published rules (PS08/1) on recording
voice conversations and electronic communications (‘the taping
rules’). These require firms to record ‘relevant communications’
and keep them for six months. These rules − effective from
March 2009 − were mainly aimed at tackling market abuse.
All mobile communications (except emails) were excluded from
these rules, mainly because the technology used to capture these
communications was insufficiently developed. PS08/1 said we
would review the mobile phone exemptions after 18 months.
Consultation Paper (CP) 10/7 then examined the exemption of
mobile phones, with this Policy Paper as the result.
Download the full PS: www.fsa.gov.uk/pages/Library/Policy/Policy/2010/10_17.shtml 2
Financial Services Authority PS10/17 – In Summary
And why is this importantto your firm?
What do you need todo next?
What’s the backgroundto this?
What is happeninginternationally?
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How can I get the full paper?
Useful links
PS10/17 – In Summary Financial Services Authority
The Financial Services Authority,
25 The North Colonnade,Canary Wharf, London E14 5HS
Main switchboard: 020 7066 1000 Fax: 020 7066 1099
This Policy Statement reports on the main issues arising from Consultation Paper 10/7: Taping: Removing the
mobile phone exemption and publishes final rules.
Please address any comments or enquiries to:
It is the FSA’s policy to make all responses to formal consultation available for public inspection unless the
respondent requests otherwise. A standard confidentiality statement in an email message will not be regarded as
a request for non-disclosure.
A confidential response may be requested from us under the Freedom of Information Act 2000. We may consult
you if we receive such a request. Any decision we make not to disclose the response is reviewable by the Information
Commissioner and the Information Tribunal.
Jocelyn McCafferty
Investments Policy Department
The Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
Telephone: 020 7066 4150
Email: [email protected]
You can download the full Policy Statement from:
www.fsa.gov.uk/pages/Library/Policy/Policy/2010/10_17.shtml
Or you can order hard copies of the paper by phoning our helpline on
0845 608 2372, quoting reference PS10/17.
Copies are available at £10 each.
Please allow ve working days for delivery.
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For more information on our publications, please go to:
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To get the latest information online, please visit our home page:
www.fsa.gov.uk
Download the full PS: www.fsa.gov.uk/pages/Library/Policy/Policy/2010/10_17.shtml 3