CMA Decision No. 6/Chairman of 2024 · UAE Federal
Amending instrument recorded in the amendment notes of the Regulations Manual of the Financial Activities (Rulebook) (CMA Decision No. 13/Chairman of 2021). The CMA has consolidated its changes into that text and keeps this instrument in its archive of amending regulations.
Chairman's Resolution No. (06/Chairman) of 2024 amended Appendix No. (5) to the Regulations Manual of the Financial Activities (the Rulebook), which sets the technical controls for a licensed firm's telephone recording system. The amendment notes in the CMA's consolidated Rulebook record it as issued on 27 February 2024 and in force on 28 February 2024. The CMA lists it in its archive of amending regulations but does not publish its text.
According to the notes it amended Clauses 2 and 3 of the Appendix, deleted items (b) and (l) of Clause 3, added item (m) and renumbered a clause as Clause 4. As the consolidated Appendix now reads, orders received from clients by telephone must be received and recorded through the call recording system; the system must record all calls, store their date and time, keep daily incremental and monthly full backups off the recording server for not less than 10 years, prevent alteration of calls, announce that the call is recorded before the service is given, and keep tracking records of all activity on the system, including logins, listening and changes to access rights; and the firm must notify the Authority immediately of any sudden malfunction, attaching the manufacturer's technical report on its cause and repair time.
The consolidated Appendix is the text to apply.
CMA-licensed firms that receive client orders or provide financial services by telephone, especially brokers, and their compliance and IT functions.
Telephone recording is an operational requirement our clients meet through their IT and compliance providers. Where we set up or administer a licensed entity, we make sure the vendor contracts, record-retention policy and board approvals sit in the corporate file and match the 10-year retention rule, and we coordinate with the client's licensed compliance advisers. We are not licensed by the CMA.
| Amends | CMA Decision No. 13/Chairman of 2021 |
“Cites” and “Cited by” are built automatically from references in the full texts held in this library; they cover only instruments in the library.
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