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No. You are allowed to communicate by voice and it isn’t recorded and compliance will allow it. However it depends what you are doing. If you are trading, it be

No. You are allowed to communicate by voice and it isn’t recorded and compliance will allow it. However it depends what you are doing. If you are trading, it better be on a recorded line. See FINRA Regulatory Notice 20-16 for reference. In fact, many Zoom conversations are expressly forbidden from being recorded at many financial firms. Again, that’s because no one is using zoom to make trades so there isn’t a requirement to record them and financial firms also don’t want to have to pay to keep things stored just so some lawyer can hit them with discovery. A big current issue is when you use written correspondence that is not part of a system of record. See Finra Regulatory Notice 17-18 for details on that.

hgsgm 4y ago
That makes no sense. Why is trading via Zoom impossible, voice maybe, and text mandatory?
- master_crab 4y ago
  And trading via WhatsApp is also possible. And also illegal The point of the regulation isn’t to cover every conceivable alternative. The point is to specify what avenue you can use to accomplish a task in a regulated manner
  - johannes1234321 4y ago
    ... and by the company enforcing it the way they enforce it, they can prove the employee bypassed the rules knowingly and purposely without the company being at fault.
- HWR_14 4y ago
  > Why is trading via Zoom impossible, voice maybe, and text mandatory? Because trading conversations have to be recorded (legally). It's easy for corporate policy to say "we don't record Zooms, (therefore) you cannot trade over Zoom". It's also easy to say "we record all text communications, (therefore) you can trade over text". Meanwhile, the phone rules predated any other modern form of communication so they have the complexity of "sometimes record and trade, sometimes don't" grandfathered in.
largeluke 4y ago
You're entirely correct but I think GP was referring to personal cell: phone doesn't need to be recorded (if not trading), but you can't use your personal cell. Anything work-related must be on firm systems.

hgsgm 4y ago

That makes no sense. Why is trading via Zoom impossible, voice maybe, and text mandatory?

master_crab 4y ago
And trading via WhatsApp is also possible. And also illegal The point of the regulation isn’t to cover every conceivable alternative. The point is to specify what avenue you can use to accomplish a task in a regulated manner
- johannes1234321 4y ago
  ... and by the company enforcing it the way they enforce it, they can prove the employee bypassed the rules knowingly and purposely without the company being at fault.
HWR_14 4y ago
> Why is trading via Zoom impossible, voice maybe, and text mandatory? Because trading conversations have to be recorded (legally). It's easy for corporate policy to say "we don't record Zooms, (therefore) you cannot trade over Zoom". It's also easy to say "we record all text communications, (therefore) you can trade over text". Meanwhile, the phone rules predated any other modern form of communication so they have the complexity of "sometimes record and trade, sometimes don't" grandfathered in.

largeluke 4y ago

You're entirely correct but I think GP was referring to personal cell: phone doesn't need to be recorded (if not trading), but you can't use your personal cell. Anything work-related must be on firm systems.