The New SRO, the New Self-Regulation Organization of Canada, has announced the date of the regulator’s next business continuity planning (BCP) trading simulation test for Saturday, October 14, 2023. As with previous tests in 2019 and 2021, the date coincides with industry test dates in the United States, as well, “to facilitate participation by market participants who participate in both the Canadian and the U.S. markets.”
Like the 2021 simulation, the New SRO states that participant dealers with trading volumes at or above $1-billion in 2022 are required to participate, while those with trading volumes below that level are encouraged to participate on a voluntary basis. The New SRO says it will contact all participant dealers in January to confirm their required level of participation.
Unlike the test conducted in 2021, this year’s test will not include an incident response plan exercise but will include a crisis communications test.
“The New SRO of Canada will form an industry working group over the next several weeks to assist and advise on the preparation of the BCP test,” they write. “The 2023 industry BCP test represents an opportunity for the Canadian capital markets community to demonstrate its ability to recover from a significant disruptive event.”