Grandpere’s love builds a Viking ship in West Pubnico | SaltWireLONDON - 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. "If client calls are held over Microsoft Teams, then would expect these to be captured. The issue is the ability of firms to record, retain and produce relevant business records, however they are made," he said.
At least two major global banks are now recording Zoom calls, said sources with knowledge of the matter, who declined to be named because the information is not public. A spokesperson for Microsoft said it took compliance seriously and has highlighted recording options to users for capturing calls required by relevant industry regulation. Zoom did not respond to a request for comment.
Michael Watling, co-head of law firm Seward & Kissel LLP's government enforcement and internal investigations group, said the widespread nature of the SEC enforcement had surprised the industry.