FSA Requires Taping Of Bankers' Work Cell Phones

Law360, New York (November 12, 2010, 1:28 PM EST) -- The United Kingdom's top securities regulator is requiring investment houses, hedge funds and banks to record their bankers' and traders' conversations conducted on company-issued cell phones in a bid to further police insider trading.

The rule, which the Financial Services Authority published Thursday, will take effect Nov. 14, 2011.

Under the rule, companies will be required to hold on to the recordings for six months and to take “reasonable steps” to avoid having their employees conduct business on private phone lines, which would circumvent the rule....
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