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The Pennsylvania Code website reflects the Pennsylvania Code changes effective through 52 Pa.B. 6342 (October 1, 2022).

10 Pa. Code § 304.071. Business continuity and succession planning.

§ 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.


   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)).


   The provisions of this §  304.071 adopted January 12, 2018, effective January 13, 2018, 48 Pa.B. 389.

Cross References

   This section cited in 10 Pa. Code §  304.012 (relating to investment adviser required records).

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