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News

Actimize advises early compliance with FSA call recording regulations

Qognify : 12 March, 2009  (Technical Article)
New Financial Services Authority regulation demands recording of international calls relating to deals with open access by regulating authorities
Actimize addresses City concerns about meeting the demands of new anti-market crime telephone recording rules. The Financial Services Authority's (FSA) new regulation, which came into force on 7th March 2009, demands that deal-related telephone and email exchanges are not only identified and recorded, but are made easily accessible to the regulator. To address this regulation, Actimize is advocating voice analytics technology as the most effective and commercial means of complying the rules' requirement to record and identify deal-related conversations.

The new rules oblige firms to record phone conversations with clients and counterparties relating to deals or potential deals. This effectively demands that a firm's compliance infrastructure must be capable of recording and correlating both transactional data and searchable records of verbal and email exchanges. Conversations must also be stored in a manner that makes them readily accessible by the FSA. The area of difficulty for firms is the ability to meet the detailed requirements newly laid out in the Conduct of Business Sourcebook (COBS).

"Firms which lack the technology to meet the detailed requirements of the rules could allow evidence of market crime to pass unrecorded, with costly consequences," said Bruno Piers de Raveschoot, Vice President of Actimize Europe. "Integrated and cross silo-technology is the most reliable and cost effective way of taking the reasonable steps needed to meet the new regulatory demands, whilst addressing the full range of market crime."

Actimize's Trading Interaction Surveillance solution is the financial industry's first true cross-channel trading compliance solution that combines insight from transactional and voice analytics to meet growing regulatory requirements around market abuse, insider trading and more. It enables compliance officers to improve processes and achieve broader and more effective cross-channel surveillance and investigations, by providing automated surveillance, with the ability to drastically shorten the process of insider trading and market abuse monitoring and investigations; for the first time monitoring not only the trading transactions, but also related voice conversations.

The benefits of this innovative solution are reduced risk, more effective use of labour and other resources, cost savings, and significant reduction in the time needed to respond to regulatory inquiries. As regulations demand greater oversight of multi-channel trading activities - phone calls and trades - this new solution offers a more elegant, comprehensive, and effective answer to those needs.

"Wholesale recording of conversations is an inadequate and risky response. Mobile based communications and transactions not directly related to a deal, such as exchanges relating to market conditions, are excluded from the obligation to record," concludes de Raveschoot. "Actimize's Trading Interaction Surveillance solution is a 'one stop shop' for compliance with the detailed requirements of the regulation. It identifies, records and makes accessible the relevant transactions, reducing the risk, man hours and costs of regulatory compliance."

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