Advisers have a fiduciary duty to put robust business continuity plans in place

Summary: Last year, the North American Securities Administrators Association — the organization representing state securities regulators — adopted a model rule to require state-registered investment advisers to establish business continuity and succession plans in the event of a natural disaster, cyberattack or other business disruption such as the death of the owner of a sole proprietorship. State regulators are in the process of approving the model rule, which could take several years or longer to take effect across the country.