The Dodd-Frank Act requires market participants to maintain “full and complete” swaps trading records. Last year, the Commodity Futures Trading Commission expanded this to include storing all oral communications, including voicemails, text messages, and other electronic communications.
By Dec. 21, swaps dealers and major swaps participants must ensure that all relevant conversations and exchanges conducted on mobile devices are recorded and stored for at least 12 months.
Compliance executives, CIOs, and IT managers must immediately develop a comprehensive plan to meet compliance with the fast-approaching rule, warns Paul Liesching, senior vice president of Truphone Mobile Recording. In this week's podcast, he discusses the new requirements, the challenges they present, and options to consider as the compliance deadline approaches.
Listen to the podcast. (13 min., 6 MB)
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