In response to Covid-19 outbreak concerns, the Investment Industry Regulatory Organization of Canada (IIROC) has activated parts of its business continuity plan (BCP).
The industry self-regulatory organization (SRO) said that it is carrying out compliance exams remotely and has initiated certain aspects of its BCP.
“As a pre-emptive measure, IIROC has invoked elements of our BCP to ensure that critical, core functions continue to operate without disruption — all while taking steps to vigilantly protect against illness and to safeguard the wellbeing of our team of dedicated employees,” IIROC said in a notice.
The SRO also said that it will issue pandemic-focused BCP guidance for firms as firms activate their own BCPs.
“IIROC will adapt plans and issue further communication, as appropriate, as the situation develops,” the SRO said.
At the same time, the Mutual Fund Dealers Association of Canada (MFDA) issued a notice to remind fund dealers of their BCP obligations and the MFDA’s guidance on ensuring business continuity.
The MFDA’s guidance aims to ensure that dealers “are adequately prepared to minimize business disruptions in a variety of potential crisis situations, including an outbreak of a widespread disease, and are able to continue service to clients or resume operations within an acceptable period of time,” it said in a notice.
Elsewhere, the European Central Bank (ECB) announced that a member of its staff has been diagnosed with Covid-19.
As a result, about 100 ECB staffers are now working remotely, and the ECB is “undertaking a deep clean of potentially affected office spaces.”
Earlier, the ECB introduced travel restrictions and canceled external meetings in response to the outbreak.
The ECB also conducted a comprehensive test of its remote working facilities.