Document ID: chunk:federal_register_of_legislation:F2024C01109:reg:4:p27
Version: federal_register_of_legislation:F2024C01109
Segment Type: reg
Provision Reference: reg 4 (pt 27/34)
Character Range: 193505–196602

Participant's Critical Business Services, Participant Operations and Participant Services and to the Market Participant's structure and location.
(4) Without limiting subrules (1) to (3), the Market Participant's Business Continuity Plans must identify and address:
(a)        the type of Major Events that may impact the Market Participant's Critical Business Services, Participant Operations and Participant Services; and
(b)       activation procedures including trigger conditions for enacting the Market Participant's Business Continuity Plans; and
(c)        the potential impact Major Events may have on the Market Participant's Critical Business Services, Participant Operations and Participant Services; and
(d)       the classification of types of Major Events according to the potential severity of the impacts referred to in paragraph (c); and
(e)        escalation procedures that are appropriate to the classification referred to in paragraph (d); and
(f)        the actions, arrangements and resources required to achieve the outcomes referred to in subrule (2); and
Note: The actions, arrangements and resources covered by this paragraph would include key operational functions and processes, staff, alternate suppliers/service providers, technology, alternative premises and other physical infrastructure.
(g)       specific objectives for the time taken to achieve the outcomes referred to in paragraph (2)(b); and
(h)       procedures for communicating during a Major Event with persons that may be impacted by the Major Event, for the purposes of ensuring those persons are adequately informed about:
(i)         the nature and impact of the Major Event; and
(ii)       the steps that are being taken or will be taken to manage the Major Event; and
(iii)     the likely timing of the steps referred to in subparagraph (ii); and
(iv)      the likely timing of the resumption of the usual operation of the Market Participant's Critical Business Services, Participant Operations and Participant Services; and
(i)         any operational dependencies between the Market Participant and any other person that may affect the matters referred to in paragraphs (a) to (h).
(5) Without limiting paragraph (4)(i), a Market Participant must have in place adequate arrangements to ensure that the Market Participant is able to carry out its Business Continuity Plans with respect to any Critical Business Services the subject of an Outsourcing Arrangement.
Notification of a Major Event
(6) Without limiting paragraph (4)(h), a Market Participant must notify ASIC immediately upon becoming aware of a Major Event.
(7) If a notification is made under subrule (6), the Market Participant must within seven days of the notification provide ASIC with a written report detailing:
(a)        the circumstances of the Major Event; and
(b)       the steps taken to manage the Major Event.
Review, update and testing of plans
(8) A Market Participant must:
(a)        review and test its Business Continuity Plans and the arrangements referred to in subrule (5):
(i)         at a frequency and in a