Hurricane Sandy Redux: Agencies Recommend Business Continuity Planning

As hurricane season approaches, the securities and commodities industries’ principal regulators are effectively encouraging firms to do the equivalent of putting up storm shutters, stocking up on batteries and bottled water, and installing generators.

The Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and the Commodities Futures Trading Commission’s (CFTC) issued a staff advisory on business continuity and disaster recovery planning. This advisory follows a joint review of the effects of Hurricane Sandy, which closed U.S. equity and options markets on October 29 and 30, 2012, and encourages firms to review and enhance their business continuity plans (“BCP”) to improve responses to, and reduce recovery time after, significant large-scale events.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Morrison & Foerster LLP - Broker-Dealer Compliance + Regulation | Attorney Advertising

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