Series 7 Exam Topic

Business Continuity and Disaster Recovery Plan




One of the regulations developed as a result of the attack on 9/11 is the requirement for FINRA member firms to develop and maintain plans and back up facilities to ensure that the firm can meet its obligations to its customers and counterparties in the event that its main facilities are damaged, destroyed or are inaccessible. The plan must provide for alternative means of communication as well as data backup. The Plan must be approved by a senior member of the firm’s management team and must provide plans to ensure customers have access to their funds. The plan must be provided to FINRA upon request and must identify two members of senior management as emergency contacts, one of which must be a registered principal with the firm.


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