NASAA Adopts New Model Rule 203(a)-1A Requiring RIA Business Continuity And Succession Planning

The NASAA has implemented a new “Model Rule” after completing the public comment period.  This Rule will require advisors to adopt a Business Continuity and Succession Plan for the business.  Although the rule currently would only apply to state-registered RIAs, the SEC announced it is considering a similar rule for SEC registered firms. The article also includes suggestions for complying with the Rule.