Regulators Urge Businesses to Improve Business Continuity Plans in Wake of Superstorm Sandy

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Regulators Urge Businesses to Improve Business Continuity Plans in Wake of Superstorm Sandy

by Dennis C. Linken on September 26, 2013

Superstorm Sandy wreaked havoc on financial firms located in New York and New Jersey, closing U.S. equity and options markets for two days and putting some businesses out of commission for more than a week. In response, federal regulators recently issued an advisory aimed at strengthening business continuity plans (BCPs).

The joint guidance, issued by the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Financial Industry Regulatory Authority (FINRA), encourages firms to review their BCPs with a particular focus on improving responses to significant large-scale events. It lists specific best practices and lessons learned from the regulators’ reviews of the events surrounding Superstorm Sandy.

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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.

© Dennis Linken, Scarinci Hollenbeck, LLC | Attorney Advertising

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