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The question is simply: The first thing the SEC requires is that there is will always be some means of clients being able to access their information in the firm's accounts, importantly the record of each client's current equity holdings, but also essential documentation related to tax advice and retirement planning.
business operational during an unforeseen event, such as a disaster.
It institutes risk management procedures and processes, with the goal of avoiding or reducing disruption of mission-critical services for the business, while restoring all operations as rapidly and smoothly as possible.
things that can be disruptive – a classic instance is the small business that gets a huge contract far beyond the company's current ability to fulfill it.
Contingency plans lay out what should happen when one or more of these unexpected events occurs.
Or, when a line of credit is unexpectedly cancelled?
There are practically an infinite number of things that can go wrong and negatively impact a business.In addition to the firm's email address and telephone number, the firm maintains a mailbox in another city and periodically reminds each of its clients of that alternative address.The head of the firm also has a dedicated cell phone account separate from the firm's business telephone account or his personal cell number and makes sure that every client knows that independent number.Every business – large or small – needs its own unique contingency plan.The following examples deals with how SEC requirements for contingency plans can affect a business.Every contingency plan answers a question about a problem.In this instance, the SEC requires each Registered Investment Advisory firm to have on file plans that assure that the business can go forward and deal equitably with its client investors in the event that the head of the firm becomes unavailable through death, serious illness or accident.This particular contingency plan for a small registered investment advisory service provides good information about contingency plans generally: I am a retired Registered Investment Advisor with 12 years experience as head of an investment management firm. While some companies have developed contingency plans, most have not.Because the business records are stored in more than one physical location and are also stored on the cloud, where they are available regardless of the advisor's location.As long as the advisor is in reasonably good health and of sound mind, no physical disaster or emergency is likely to impede the firm’s few and occasional regulatory reporting obligations.