Financial Times: Financial firms will need to record all communications

03 April 2017

FCA said said that investment banks and asset managers will need to record all calls as well as voicemails and instant messages as part of Brussels rules to make the trading of securities more transparent.

The FCA said it would soften its previous approach for smaller financial advisers. They can now tape conversations, or take contemporaneous written notes of them. Mifid II is a sprawling set of rules that covers a range of subjects from how market research is funded to the transparency of bond markets. Its implementation had to be delayed by a year because firms — and regulators themselves — did not have their systems in place. It now takes effect in January next year. The rules introduce “substantial and wide ranging measures designed to improve investor protection and promote market integrity,” said Chris Woolard, the FCA’s executive director of strategy and competition.

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