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Tennessee: DOFI issues interim guidance on Coronavirus

The Commissioner of the Tennessee Department of Financial Institutions ('DOFI'), Greg Gonzales, issued, on 23 March 2020, interim guidance ('the Guidance') intended for all non-depository financial institutions and individuals licenced or registered with the DOFI's Compliance Division in light of COVID-19 ('Coronavirus'). In particular, the Guidance outlines recommended best practices for employees working remotely including encryption of all computers and other devices that contain or are used to access confidential information, implementation of virtual private networks or similar password protected systems to access a licencee's or registrant's secure data system remotely, and maintaining security updates, patches, or other alterations to an individual's access device.

In addition, the Guidance advises that employees should not keep any physical business records at the remote location and that activity should be conducted in a private environment. Moreover, the Guidance notes that it is currently effective until further notice and is subject to change as circumstances warrant.

You can read the Interim Guidance here.