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The Securities and Exchange Commission (SEC) plans to bring in rules where orders of client transactions by their stock brokers are recorded aimed at helping the regulator bring manipulators to justice, SEC sources said.
“With such a mechanism, there’s always an audit trail of share orders/transactions that will help us to identify manipulators,” a SEC source told the Business Times. This was recommended by the Colombo Stock Exchange (CSE) to the SEC last year and SEC sources said they are working with the Telecom Regulatory Authority (TRC) to get this approved.
“Under normal laws no one can record or tap telephone conversations. Therefore, we’re trying to get TRC clearance in order to go ahead with this,” the source added further. The source explained that this policy directive requires the recording and storage of all ‘relevant communications’ made with, sent from or received on phones and other handheld electronic communication devices.
This includes the receipt of client orders and the negotiating, agreeing and arranging of transactions across the equity. The source further explained that the stock brokers are supposed to retain these recordings for six years and that when called by the regulator they are to submit them. “This is already in the amendments to the CSE listing rules and by mid next year we plan to approve this rule.”
http://www.sundaytimes.lk/111211/BusinessTimes/bt04.html
“With such a mechanism, there’s always an audit trail of share orders/transactions that will help us to identify manipulators,” a SEC source told the Business Times. This was recommended by the Colombo Stock Exchange (CSE) to the SEC last year and SEC sources said they are working with the Telecom Regulatory Authority (TRC) to get this approved.
“Under normal laws no one can record or tap telephone conversations. Therefore, we’re trying to get TRC clearance in order to go ahead with this,” the source added further. The source explained that this policy directive requires the recording and storage of all ‘relevant communications’ made with, sent from or received on phones and other handheld electronic communication devices.
This includes the receipt of client orders and the negotiating, agreeing and arranging of transactions across the equity. The source further explained that the stock brokers are supposed to retain these recordings for six years and that when called by the regulator they are to submit them. “This is already in the amendments to the CSE listing rules and by mid next year we plan to approve this rule.”
http://www.sundaytimes.lk/111211/BusinessTimes/bt04.html
