Australia and Prime Minister Anthony Albanese have been asked by US President Donald Trump to join his ‘board of Peace’, as the White House tries to push the fragile ceasefire in Gaza into its next phase.
A draft charter for the organisation, which will be chaired by Mr Trump, has been sent to a number of world leaders – including Canada’s Mark Carney, Türkiye’s Recep Tayyip Erdogan and Argentina’s Javier Milei.
It is unclear exactly how many countries have received invitations, but reports suggest dozens are on the list.
The text of the document, first revealed by Bloomberg, stated that each country which accepts the invitation would be represented by its leader, and would be given a term of “no more than three years”.
If a country wants to stay as part of the Board of Peace beyond that, it would have to make a cash contribution to its efforts of $US1 billion ($1.49 billion).
The US-brokered agreement includes plans to rebuild Gaza in coming years. (Reuters: Haseeb Alwazeer)
Reports suggested the draft charter makes no specific mention of Gaza, suggesting President Trump may want its scope to go beyond the war-ravaged enclave that served as the catalyst for its creation, and it also dose not detail what the membership fee for countries wanting to remain part of the organisation would fund.
Decisions of the board would be made by a vote of its members,subject to the approval of the chair – Donald Trump.
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What is the Disaster Recovery and Contingency Planning Rule?
The Disaster Recovery and Contingency Planning Rule, finalized by the Securities and Exchange Commission (SEC) on August 9, 2023, requires registered investment advisers to adopt and implement extensive disaster recovery and contingency plans.
This rule aims to bolster the operational resilience of investment advisers, safeguarding client assets and maintaining market stability during and after disruptive events.Previously, guidance on this topic was largely voluntary. The new rule mandates specific policies and procedures to address risks related to cybersecurity, natural disasters, and other potential disruptions. It builds upon existing cybersecurity requirements established in Rule 206(4)-2.
Such as, the SEC’s press release announcing the rule highlights that it requires advisers to identify critical business functions and develop plans to address potential disruptions to those functions. The rule became effective on January 31, 2024, with compliance dates phased in through December 31, 2025.
Who Must Comply with the Rule?
The Disaster Recovery and Contingency planning Rule applies to all registered investment advisers with the SEC, irrespective of their size or the types of clients they serve.
This includes firms managing a wide range of assets,from small boutique advisory practices to large institutional investment managers. Exemptions are limited; the SEC specifically stated that the rule applies to all registered investment advisers to ensure a consistent level of operational resilience across the industry. The rule does not directly apply to exempt reporting advisers (ERAs), but the SEC encourages them to adopt similar practices.
As of December 31, 2025, all registered investment advisers must have fully implemented the requirements of the rule.The SEC’s Investment Management Division has issued compliance alerts to assist advisers in understanding and implementing the new requirements.
Key requirements of the Rule
The Disaster Recovery and Contingency Planning Rule outlines several key requirements for registered investment advisers.
- Risk assessment: Advisers must conduct a comprehensive risk assessment to identify potential threats to their business operations, including cybersecurity risks, natural disasters, and other disruptive events.
- Business Continuity Plan: Advisers must develop a written business continuity plan that outlines procedures for maintaining critical business functions during and after a disruption.
- Data Backup and Recovery: Advisers must establish procedures for backing up and recovering critical data, ensuring its availability in the event of a system failure or data breach.
- Testing and Review: Advisers must regularly test and review their disaster recovery and contingency plans to ensure their effectiveness.
- Reporting: Advisers must maintain records documenting their compliance with the rule and make them available to the SEC upon request.
The SEC’s adopting release details that the business continuity plan must address, at a minimum, data backup, request management, systems and network access, and recovery of critical systems.
For instance,an adviser located in Florida would need to specifically address potential disruptions caused by hurricanes in their plan,including procedures for evac
