The Committee of European Securities Regulators (CESR) has today published a consultation paper which aims to increase the regulation of financial institutions by introducing a requirement to voice record mobile phone communications across the European Aconomic Area.

Each European Country included in the EEA is summarised in terms of regulation requirements and length of time in which to introduce those particular requirements.

This consultation comes hot on the heels of the UK’s FSA consultation which came out a month ago and it strikes me that, like it or loathe it, more stringent regulation is coming across the continent, and maybe even further afield (the U.S. already have regulation in place) to ensure that all communications for both voice and data made from a mobile phone within the financial sector (including smartphones, iPhones and Blackberry smartphones) will have to be recorded and stored for a certain amount of time.

They key paragraph relating to the proposed regulation is as follows:

Mobiles and electronic communications
44. The recording requirements currently imposed by Member States with regard to recording mobile conversations appear to fall into two broad categories (Annex 2). Firstly, the majority of Member States who currently impose the broadest level of telephone recording obligations also require that mobile phones be recorded where client orders are received this way. Secondly, a number of Member States either; require traders to apply for special authorisation to trade via a mobile phone; prohibit the reception by traders of orders via mobile phone outside of a company mobile phone; or allow a special recording exemption to client orders received on a mobile phone. In Germany, most investment firms prohibit traders to trade via mobile phone. The UK FSA is currently consulting on removing its current exemption for conversations on mobile phones. CESR believes that a recording requirement should be technology neutral and apply to all ways of making/receiving telephone calls and electronic communications.

Feel free to contact me for further information.

Tags: mobile voice recording consultation CESR

This entry was posted on Wednesday, April 14th, 2010 at 3:08 pm and is filed under mobile voice recording, Recent News Event, Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.