South Carolina Code of Regulations
Chapter 13 - ATTORNEY GENERAL
Article 2 - SECURITIES
Subarticle 4 - BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES, AND FEDERAL COVERED INVESTMENT ADVISERS
Section 13-414 - Business Continuity and Succession Planning
Universal Citation: SC Code Regs 13-414
Current through Register Vol. 48, No. 9, September 27, 2024
A. 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, type(s) of services provided, and the number of locations of the investment adviser.
B. The plan shall provide for at least the following:
(1) The
protection, backup, and recovery of books and records;
(2) Alternate means of communications 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;
(3) Office relocation
in the event of a temporary or permanent loss of a principal place of
business;
(4) Assignment of duties
to qualified responsible persons in the event of the death or unavailability of
key personnel; and
(5) Otherwise
minimizing service disruptions and client harm that could result from a sudden
significant business interruption.
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