From 1 January 2019, UK banks and designated investment firms will be required to meet rules, derived from guidance issued by the Financial Stability Board, on operational continuity.
Banks in other jurisdictions are likely to become subject to similar requirements in due course. In this alert memorandum we provide background on why regulators are focused on operational continuity, discuss briefly the current state of play internationally and then analyse the PRA Rules on operational continuity and the steps that firms will need to take to meet them.