Terms of reference published for UK financial sector Cross-Market Business Continuity Group

Terms of reference have been published which set out the role and remit of the UK financial sector’s Cross-Market Business Continuity Group. It will ‘provide a forum for the authorities, infrastructure providers and key firms to pool information in the event of a major operational disruption’ – offering crucial advice and guidance to ensure that appropriate and timely decisions are taken by the financial authorities, exchanges and firms during times of crisis.

The Group will cover all of London’s banking and capital markets and ‘will be convened, circumstances permitting, in the event of a major operational disruption’. However the authorities are not obliged to convene the group.

Group membership will be made up of The Bank of England (chair and secretariat), the FSA, the Treasury, the main infrastructure providers (including the Bank of England) and a number of major firms.

Other aspects of the Cross-Market Business Continuity Group’s terms of reference include:

• The Group will meet physically or by conference call depending on the circumstances.

• There will be a closed user group site on the Financial Sector Continuity website.

• The Group will have an annual meeting to ‘ensure that it remains alive as part of London’s business continuity mechanisms’.

• The Group will participate in business continuity exercises arranged by the Tripartite authorities.

• The Group will function under the umbrella of the HMT/FSA/BofE Tripartite Standing Committee for financial stability.

•Date: 5th Jan 2006• Region: UK • Type: Article •Topic: Financial sector
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