Coming Soon: Dodd-Frank Recording Requirements

By Dec. 21 swap dealers and major swap participants will need to record cell phone conversations related to trades under new regulations required by the Dodd-Frank Act. The UK instituted similar requirements recently and Paul Liesching, Senior Vice President of Truphone Mobile Recording, covers some of the lessons learned from bankers across the pond. Don’t fight it, he says. Avoid waiting until the last minute to help insure the best terms with the new niche technology firms that may be needed to help ease the transition, and to smooth the inevitable cultural changes, such as accepting that conversations on work phones are never private or secure.