THINK: WHY?

CONFIDENT
COMPLIANCE.

TeleWare records 100% of your calls and text messages
to ensure full compliance with FCA regulations.

Confidence in financial services is critical and many organizations are ploughing resources and budget into building customer trust. However, non compliance with FCA regulations is a major risk for businesses in achieving this goal.

Our understanding of the regulated call compliance market has led to TeleWare developing solutions that help businesses remain completely compliant whilst at the same time improving our clients’ business performance. This is one of the reasons why TeleWare is the preferred choice for over one in three FTSE 100 financial services organisations.

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DODD-FRANK – THE MYTHS AND THE FACTS

Mobile phones have become an increasingly important tool in trading and as a result compliance efforts are catching up, requiring that conversations, and the data, be recorded.

In the US, this is in the form of the Dodd-Frank Act; initially signed in July 2010, the act has been effective since July 2013. However, the mobile call compliance element of the regulation only came into effect on the 21st December 2013.

Call compliance is something that has been debated and discussed around the world for a number of years. However there are still uncertainties around who is implicated, the severity of the potential impact to businesses and the operational costs associated. Non-compliance is a very serious problem, one that is clouded by confusion. As we have seen it can be a costly mistake to make. One thing that is for sure: regulation is changing the financial services sector, but unlike before we are seeing the globalisation of regulation.

When?
The Dodd-Frank Act was effective from July 2013 and but the key element that impacts oral communication and specifically mobile call compliance regulation came into play on 21st December 2014.

Scope
Since its inception in July 2010, 63 percent of Dodd Frank regulation deadlines have been missed and the general feeling is that it has taken much longer than originally anticipated. Many companies still fail to be compliant with the regulations that have been passed, in many cases this is because there is uncertainty surrounding who is implicated in the reforms. Even so, as the broadest financial reform since the 1930s, the framework has had extensive ramifications for those affected.

Impact?
The full impact of Dodd-Frank perhaps was not felt at first, due to numerous delays in passing and publishing regulations. However, once complete its effects will be felt most of all by anybody involved in swaps including financial institutions, domestic and foreign banks, insurance firms, mortgages, the credit card industry and more.

What records need to be retained and who it affects?
Registered participants must keep records of all trade activities and provide reports to the regulators. Swaps Dealers (SD) and Major Swap Participants (MSP) must provide the following:

  • Transactional record associated with trades

  • Pre-trade execution communication including oral communication on cell phone

  • Trade Execution information entered on trade order system.

  • Post trade execution information including confirmation, termination, amendment etc.

A registered participant is any firm that has swaps deal volumes greater than $3Bn annually

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BUSINESS BE MOBILE COMPLIANT CALL +1 646 475 8045 OR CLICK HERE