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Business Continuity PlanJesup & Lamont Securities Corp. maintains a business continuity plan, including redundant data centers and alternate processing faciclities, to address interruptions to our normal course of business. These plans are reviewed annually and updated as necessary. Our plans are designed to meet its obligations to clients in the event of various scenarios. Areas of concern include the following: |
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- Data back-up - Mission critical systems - Operational assessments - Communications - Physical locations |
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Jesup & Lamont will take in the event of a building, city-wide, or regional incident, including relating technology and operational personnel to preassigned alternate regional facilities. Technology data processing can also be switched to an alternate regional data center at our clearing firm, First Clearing Corp. located in Richmond, Virginia. Jesup & Lamont operational facilities are equipped for resumption of business and are tested several times per year. For most disruptions our recovery time objective, including those involving a relocation of personnel or technology, is twenty-four (24) hours. This recovery objective may be negatively affected by the unavailability of external resources and circumstances beyond our control. In the event we experience a significant business interruption, we can be contacted directly to process limited transactions, cash disbursements, and security transfers. Instructions to Jesup & Lamont must be in writing and transmitted via facsimile or postal service as follows: MAIN OFFICE ALTERNATE LOCATION Trades: |
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| - Sale of securities held long in client accounts
- Buy of securities to close short positions |
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For transactions, Jesup & Lamont may require written instructions that include the following information: |
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- Account number - Account name as titled on the account - Security description, such as symbol of CUSIP number - Number of shares |
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NOTE: All orders will be handled as market orders, unless you specify a limit order. Depending on the circumstances, Jesup & Lamont may not accept limit orders. In addition, Jesup & Lamont and the markets in general may experience difficulties in timely processing of orders, including replacing initial limit orders with new limit prices and reporting executions back to you. Delays in data transmission may cause your orders to be executed at prices significantly different than what may have been last reported to the media tape. In extreme circumstances, markets may be closed entirely for significant periods. Customer funds and securities are held at First Clearing Corp. First Clearing Corp. has established procedures to deal with disruptions of its systems on a city or regional basis. Mission Critical Systems |
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- Redi - Brass - Telephones - Nasdaq |
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The firm's main office is located in New York City. A disruption of the main office would result in the use of the New Jersey OSJ branch office as back -up. Smart Station can be accessed on all firm computers. New York employees would be relocated to New Jersey. Access to accounts would be achieved through the Smart Station Platform. First Clearing Corp's back-up/recovery plans will ensure that relevant account data and required books and records are maintained and accessible as required under the law. Email will be accessible via a back-up server at the New Jersey Office. Email will be backed up at the firm's Boston Location. Redi and BRASS access can be maintained via telephone and internet. Telephone service can be maintained at the New Jersey location in the event of a disruption in New York. The firm will have all calls forwarded to New Jersey. Registered personnel will contact clients to maintain contact. Cellular phones and telecommunications via the internet will be allowed, and monitored during a disruption. The firm will establish a back-up to NASDAQ at the New Jersey location.
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Jesup & Lamont is a member of FINRA (www.finra.org), SIPC, & MSRB SIPC provides protection of up to $500,000, including a maximum of $100,000 for cash balances. Excess SIPC Surety Bond No. 1016-04 provides each Customer of First Clearing, LLC Customer by Asset Protection Company (“CAPCO”) with replacement or payment coverage up to that portion of the Customer’s Net Equity that represents a loss of Securities (as defined in SIPA) and/or cash that is in excess over all receipts by the Customer with respect to the Customer’s Net Equity. SIPC does not guarantee the future value of any security. For full details, see http://www.sipc.org
