A Licensed Person must take the necessary steps to record and maintain telephone conversations and electronic communications related to the Licensed Person’s activities, made with, sent from or received on equipment provided by the Licensed Person to an employee or agent; or the use of which by an employee or agent has been permitted by the Licensed Person, to enable that employee or agent to carry out any of the following activities: 1. Receive clients’ orders. 2. Execute clients’ orders whether on the basis of the Client’s instructions or on the basis of the Licensed Person’s decision to enter into a deal on behalf of the Client. 3. Transmit clients’ orders to other entities for execution whether on the basis of the Client’s instructions or on the basis of the Licensed Person’s decision to enter into a deal on behalf of the Client. 4. Execute transactions on behalf of the Licensed Person or any other person in the Licensed Person’s Group.