FILE PHOTO: Silhouettes of mobile users are seen next to logos of social media apps Signal, Whatsapp and Telegram projected on a screen in this picture illustrationLONDON - With text messages and emails under tightened surveillance, financial firms may now have to screen staff video calls for possible rule-breaking, amid concern regulators are poised to scrutinise such calls for compliance breaches.
The enforcement coincides with increased efforts by U.S. and UK regulators to upgrade protections for "mom & pop" investors putting more of their wealth in financial markets as a meme stock phenomenon continues. Sarah Pritchard, executive director for markets at Britain's Financial Conduct Authority, told delegates at its annual meeting this month its supervisory guidelines underlined a focus on market abuse and the mechanisms used to facilitate such activities.Staff deliberately sharing sensitive information were considered most likely to arrange in-person meetings without using workplace devices, sources said.
One bank is recording Zoom calls undertaken by certain staff, including traders, while the other is recording all Zoom calls so content can be reviewed later if needed. The U.S. Financial Industry Regulatory Authority which oversees more than 624,000 U.S. broker dealers, obliges certain firms to comply with the so-called 'FINRA Taping Rule 3170'.
"...FINRA has the taping rule, which provides very specific circumstances when a broker-dealer must record calls. So, a line has been drawn there but that line can only be redrawn if the regulators or Congress take additional action to expand the scope." "...the scope of the regulatory reach almost always widens in response to technological evolution," Ryan M. Yonk, economist at the American Institute for Economic Research, said.
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