In-Network Mobile recording

In-Network Mobile recording

Dodd-Frank

The Wall Street Reform and Consumer Protection Act

Dodd-Frank Wall Street Reform and Consumer Protection Act provides a regulatory framework designed to improve control and oversight of the previously largely unregulated swaps market and, as a result, reduce systematic risks, increase transparency and promote market integrity within the US financial system.

The Dodd-Frank Act is implemented by the Commodities and Futures Trading Commission (CFTC), and the Securities Exchange Commission (SEC). As security-based swaps account for the minority of trades, the CFTC has taken the lead role in regulation development.

Highlights:

  • All communications related to a trade must be stored (for a period of minimum of one year)
  • Information must be archived in a retrievable format (that can be easily searched)
  • Information must include conversations and data interactions (made on all mobile devices)
  • Senior management must implement sound security mechanisms, to guarantee data protection, to minimize the risk of unauthorized access and to prevent information leakage

Useful links

Text of the Dodd-Frank Wall Street Reform and Consumer Protection Act
Dodd-Frank Wall Street Reform and Consumer Protection Act

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