Help with Legislation please :(

[AgnessGP]

Hi All,

A very random topic and thought it would be best suited here, and for those of you in IT professions, you may be able to help.

Basically, im trying to do a write up for something and i've come across this:

402.4.2 Evaluate the impact on an IT organisation of legislation covering:
402.4.2a Processing financial transactions

I can't find any legislation that covers financial transactions never mind how it impacts organisations. I'm not asking for a write up answering the above, but if anyone has any experience or knows which legislation covers financial transactions I would be really grateful!

 

[TallTom]

I would suggest you look at the FSA website, Financial Services Authority, they will have a lot of legislation around Financial Transactions.

For example, I know that by law you have to record trader telephone conversations (Trading Floor) and keep for a minimum amount of time dependant upon the legislation within a country. The reason that it is a large impact as they have to be recorded by law, all the time and every call, which calls for a fully redundant voice recording solution, so a HOT-HOT setup so that in event of a server failure the call will still be recorded. This means there is a direct effect on capital and opex costs as they increase dramatically due to the need to purchase and support "double" the amount of hardware.

Recently, there was a Law brought in, or will be brought in recently (Think 14th November 2012) that requires mobile phone conversations to be recorded, and I think data transactions to a point, of Company mobile phones within the Trading Environment. Aims to stop insider trading and other things.

I know that is a Financial Organisation, but I would expect that website to help you! It is not very clear on how the financial transaction will take place, which would then help you to determine the impact.

Hopefully this helps a bit

 

[colin79666]

Well there is PCI DSS but that is not exactly legislation but standards card companies insist on.
The DPA will probably come into play as you are holding personal information.

Some good stuff in here:
http://www.legislation.gov.uk/ukpga/2000/8/contents

 

[AgnessGP]

this is exactly what I was looking for.

Legislation etc must be the worst thing to have to right about.

Thanks a lot both! If I could click a thanks button I would.

Cheers!