The business continuity and disaster recovery plan should provide guidance regarding the steps and actions that should be taken in the event of an unanticipated interruption of normal business operations. May 27, Load More. This website uses cookies to improve your experience. Accept Reject Read More. Close Privacy Overview This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website.
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But opting out of some of these cookies may affect your browsing experience. Necessary Necessary. Necessary cookies are absolutely essential for the website to function properly. Every investment adviser shall establish, implement, and maintain written procedures relating to a Business Continuity and Succession Plan. This model rule is in effect for those states who have chosen to adopt it formally.
Therefore, state-registered RIA firms may be obligated to this or a similar rule under their state's specific regulatory requirements. In each type of interruption, y our plan should consist of:. A temporary business interruption includes incidents such as a power outage, internet outage, computer problems, or phone lines going down.
An extended interruption occurs when a firm has to relocate or replace office property or records due to destruction. An extended interruption could occur in the event of a fire, floor, or other natural disaster.
Your firm's BCP should address an extended interruption similar to a temporary interruption with a few additional considerations. In the event of retirement, disability, or death of a firm owner, a BCP or succession plan should be set in place.
Tips on building and implementing your RIA firm's business continuity plan. While there is not a "one-size-fits-all" business continuity plan for RIA firms, it is important to consider your firm's business model, circumstances, current operations, firm size, and number of locations your firm has when designing a robust business continuity plan.
You should always consult your relevant regulatory authorities or legal counsel if applicable. Hear from industry experts as they keep you up to date on the latest regulatory developments and practice management topics. Rules and Regulations For SEC-Registered Firms: Rule 4 Under rule 4 -7, it is unlawful for an investment adviser registered with the Commission to provide investment advice unless the adviser has adopted and implemented written policies and procedures reasonably designed to prevent violation of the Advisers Act by the adviser or any of its supervised persons.
Types of RIA Firm Interruptions In each type of interruption, y our plan should consist of: Step-by-step process with contact persons and key responsibilities of each person Different procedures in anticipation of different types of temporary interruptions 1.
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