Ill. Admin. Code tit. 14 § 130.874

Current through Register Vol. 48, No. 45, November 8, 2024

Section 130.874 - Business Continuity and Succession Planning

Every investment adviser shall establish, implement and maintain written procedures relating to a Business Continuity and Succession Plan. The plan shall be based upon the facts and circumstances of the investment adviser's business model, including the size of the firm, types of services provided, and number of locations of the investment adviser. The plan shall provide for at least the following:

a) The protection, backup and recovery of books and records.

b) Alternate means of communication with customers, key personnel, employees, vendors, service providers (including third-party custodians) and regulators, 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.

e) Otherwise minimizing service disruptions and client harm that could result from a significant business interruption.

Ill. Admin. Code tit. 14, § 130.874

Added at 40 Ill. Reg. 13248, effective 9/1/2016