Business Continuity Plans
Chapters in this video
- 0:00 Significant Business Disruption: internal versus external
- 1:36 The 10 required BCP elements
- 2:52 Why prompt access to funds and securities is the backstop
- 3:50 The plan must be in writing, not oral protocols
- 4:18 The dual-title approver: senior management plus registered principal
- 5:09 Emergency Contact Persons: ECP 1 and ECP 2 hierarchy
- 6:22 The one-person firm exception and FCS updates
- 7:36 Rapid-fire exam recap
What this video covers
- The two flavors of Significant Business Disruption (SBD): internal versus external, and why the BCP must address both
- All 10 required BCP elements, especially why customers' prompt access to funds and securities is the non-negotiable backstop
- Why a BCP that omits prompt access to funds and securities is presumptively noncompliant, no matter how thorough the rest of the plan
- The dual-title requirement: an approver must be both senior management and a registered principal, and why neither title alone works
- The two Emergency Contact Persons (ECPs): the strict hierarchy for ECP 1 versus ECP 2, and the one-person firm exception for the second contact
- Where ECP updates must be filed: FINRA Contact System (FCS), never Form U4
- The difference between the customer-facing BCP disclosure at account opening and the internal written plan itself
Read the full lesson, free
This video's complete written lesson is free to read in the CertFuel app, no signup wall. The complete Series 24 course also includes adaptive practice questions and spaced-repetition flashcards, free through the end of 2026.