Iowa Admin. Code r. 191-50.47 - Business continuity and succession planning for investment advisers
(1) On and after
July 1, 2017, every investment adviser registered in Iowa shall make and
maintain records, pursuant to Iowa Code section
502411(3)."a," of the establishment, implementation and maintenance of a
written business continuity and succession plan. The business continuity and
succession plan shall be created and implemented in a manner consistent with
the NASAA Guidance on Business Continuity and Succession Planning for
State-Registered Investment Advisers, which is available on the Iowa insurance
division's website, iid.iowa.gov. In developing the procedures for the business
continuity and succession plan, the investment adviser shall consider, among
other things, the size of the firm, the types of services provided and the
number of locations of the investment adviser. The business continuity and
succession plan shall provide for, at a minimum, all of the following:
a. The protection, backup, and recovery of
books and records;
b. Alternate
means of communications with customers, key personnel, employees, vendors,
service providers (including third-party custodians of securities) and
regulators, that will allow the communication of certain events, including, but
not limited to, providing notice of a significant business interruption or the
death or unavailability of key personnel or other disruptions or cessation of
business activities;
c. Office
relocation in the event of temporary or permanent loss of a principal place of
business;
d. Assignment of duties
to qualified responsible persons in the event of the death or unavailability of
key personnel; and
e. Other means
of minimizing service disruptions and client harm that could result from a
sudden significant business interruption.
(2) Every investment adviser registered in
Iowa shall annually review the investment adviser's written business continuity
and succession plan and, if it has been changed since it was submitted, or if
it was not previously submitted, shall file it for examination by the
administrator , pursuant to Iowa Code section
502411(4)..
The administrator shall review an investment adviser's written business
continuity and succession plan to determine whether it is consistent with the
NASAA Guidance on Business Continuity and Succession Planning for
State-Registered Investment Advisers and whether it takes into account the
considerations listed in subrule 50.47(1). The administrator may request the
investment adviser to modify the filed business continuity and succession plan
according to the administrator 's suggestions. After the initial filing, the
investment adviser's filing of any change shall identify any substantive
amendment to the business continuity and succession plan with the registration
renewal following the amendment. The administrator may request from the
investment adviser at any time information regarding the business continuity
and succession plan made since the last filing of the plan.
(3) An investment adviser registered in Iowa
shall be deemed in compliance with this rule if the investment adviser can
demonstrate compliance with SEC rules or other law related to the investment
adviser's adoption and implementation of a written business continuity and
succession plan.
This rule is intended to implement Iowa Code chapter 502.
Notes
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