Business Continuity Plans

What this video covers

• Why state-registered investment advisers must maintain a written business continuity plan (BCP), and why federal-covered advisers have no explicit Securities and Exchange Commission (SEC) mandate
• The five required NASAA model rule elements in order: records protection and recovery, alternate communications, office relocation, assignment of duties, and minimizing disruption and client harm
• Why client notification is not a separately numbered element, but is folded inside the alternate communications requirement
• Why succession planning is important but is not one of the five enumerated elements, appearing only in the rule title and NASAA guidance
• How broad alternate communications really is: customers, key personnel, employees, vendors, service providers, third-party custodians, and regulators
• Why the NASAA rule sets no fixed review cadence, and how the at-least-annually requirement belongs to the Financial Industry Regulatory Authority (FINRA) broker-dealer rule instead
• Why a plan becomes stale based on business changes, not calendar age alone