10 Pa. Code § 304.071 - Business continuity and succession planning
(a) An investment adviser registered or
required to be registered with the Department shall establish, implement and
maintain written procedures relating to a business continuity and succession
plan.
(b) The investment adviser
shall base the business continuity and succession plan on the facts and
circumstances of the investment adviser's business model including the size of
the firm, type of services provided and the number of locations of the
investment adviser.
(c) The
business continuity and succession plan must provide for at least the
following:
(1) Protection, backup and
recovery of books and records.
(2)
Alternate means of communicating notice to customers, key personnel, employees,
vendors, regulators and service providers, including third-party custodians,
about issues such as:
(i) A significant
business interruption.
(ii) The
death or unavailability of key personnel.
(iii) Other disruptions or cessation of
business activities.
(3)
Office relocation if a temporary or permanent loss of a principal place of
business occurs.
(4) Assignment of
duties to a qualified responsible person if the death or unavailability of key
personnel occurs.
(5) Otherwise
minimizing service disruptions and client harm that could result from a sudden
significant business interruption.
Notes
The provisions of this § 304.071 issued under section 202.C of the Department of Banking and Securities Code (71 P.S. § 733-202.C), section 609(a) of the Pennsylvania Securities Act of 1972 (70 P.S. § 1-609(a)) and section 9(b) of the Takeover Disclosure Law (70 P.S. § 79(b)).
This section cited in 10 Pa. Code § 304.012 (relating to investment adviser required records).
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