SIA and TBMA Submit Comments to the SEC on Business Continuity Plans and Emergency Contact Information

The Securities Industry Association (SIA)* and The Bond Market Association (TBMA) provide comments to the Securities Exchange Commission (SEC) on business continuity plans and emergency contact information. SIA and TBMA agree with the comments by the National Association of Dealers (NASD) that the requirements of a business continuity plan must be tailored to the size and need of an individual member firm, but that each plan must at a minimum address contain element of continuity. SIA and TBMA also suggests that the new language within the rule raises questions about the intended scope and meaning of the rule. They believe that the language should be revised to require that the procedures be reasonably designed to enable a member to meet the continuity goals set forth in the member’s plan.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.