On June 28, the Securities and Exchange Commission (SEC) proposed a new rule, Rule 206(4)-4 (the "Proposed Rule") under the Investment Advisers Act of 1940 (the "Advisers Act"), that would make it unlawful for an SEC-registered investment adviser (RIA) to provide investment advice unless the RIA adopts and implements a written business continuity and transition plan (BCTP). The Proposed Rule is designed to ensure that each RIA has a plan in place to address operational and other risks related to a significant disruption in the adviser's operations in order to minimize client and investor harm.