Article 40 Testing of business continuity plans

The financial entitiesas defined in Article 2, points (a) to (t) referred to in Article 16(1) of Regulation (EU) 2022/2554 shall test their business continuity plans referred to in Article 39 of this Regulation, including the scenarios referred to in that Article, at least once every year for the back-up and restore procedures, or upon every major change of the business continuity plan.

The testing of business continuity plans referred to in paragraph 1 shall demonstrate that the financial entitiesas defined in Article 2, points (a) to (t) referred to in that paragraph are able to sustain the viability of their businesses until critical operations are re-established and identify any deficiencies in those plans.

The financial entitiesas defined in Article 2, points (a) to (t) referred to in paragraph 1 shall document the results of the testing of business continuity plans and any identified deficiencies resulting from that testing shall be analysed, addressed, and reported to the management body means a management body as defined in Article 4(1), point (36), of Directive 2014/65/EU, Article 3(1), point (7), of Directive 2013/36/EU, Article 2(1), point (s), of Directive 2009/65/EC of the European Parliament and of the Council (^31^), Article 2(1), point (45), of Regulation (EU) No 909/2014, Article 3(1), point (20), of Regulation (EU) 2016/1011, and in the relevant provision of the Regulation on markets in crypto-assets, or the equivalent persons who effectively run the entity or have key functions in accordance with relevant Union or national law; Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32)..