Disclosures
General Disclosure
Siebert Williams Shank & Co., LLC (“SWS”) is a registered broker-dealer and a member of the Financial Industry Regulatory Authority (FINRA), the Municipal Securities Rulemaking Board (MSRB) and the Securities Investor Protection Corporation (SIPC).
SWS prepared this website for informational purposes only. This website and the information herein (collectively “Information”) are not a research report and it should not be construed as such. The Information has been gathered from sources believed to be reliable, but is not guaranteed and is not a complete summary of all available data. Any historical price(s) or value(s) are also only as of the date indicated and from any source that may be noted. SWS is under no obligation to update opinions or other information. Any opinions expressed by SWS represent our present opinions as of the date of this Information and are subject to change without further notice. The Information, including proposed terms and conditions, are indicative and for discussion purposes only. Finalized terms and conditions of any transaction or engagement are subject to further discussion and negotiation and will be evidenced by a formal agreement.
Any reproduction, redistribution or transmission of the Information, in whole or in part, without the prior written permission of SWS is prohibited. Except as required to comply with applicable law or regulation, SWS makes no warranty whatsoever (including but not limited to, warranties as to quality, accuracy, performance, timeliness, continued availability or completeness) as to the Information contained herein.
The Information contained is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. SWS does not provide accounting, tax or legal advice; however, you should be aware that any proposed indicative transaction could have accounting, tax, legal or other implications that should be discussed with your advisors and/or counsel. The Information should not be relied upon for the maintenance of your books and records or for any tax, accounting, legal or other purposes.
The fact that SWS has made the Information or other information available to you constitutes neither a recommendation that you enter into or maintain a particular transaction or position nor a representation that any transaction is suitable or appropriate for you.
SWS shall have no liability, contingent or otherwise, to you or to any third parties, or any responsibility whatsoever, for the correctness, quality, accuracy, timeliness, pricing, reliability, performance or completeness of the Information, data or formulae provided herein or for any other aspect of the Information. In no event will SWS be liable for any damages (including special, indirect, incidental or consequential damages) which may be incurred or experienced on account of your use of the information provided herein or this website, even if SWS has been advised of the possibility of such damages. SWS will have no responsibility to inform you of any difficulties experienced by SWS or any third parties with respect to the use of the Information or to take any action in connection therewith.
SWS and its officers, directors, and employees, including persons involved in the preparation of this website, may from time to time have “long” or “short” positions in and buy or sell, the securities, derivatives (including options) or other financial products thereof, of entities mentioned herein. In addition, SWS may have served as manager or co-manager of an offering of securities by any such entity. Further information may be obtained upon request.
Unless otherwise agreed in writing, SWS is not acting as a municipal advisor, financial advisor or fiduciary and the information provided should not be construed as “advice” within the meaning of Section 15B of the Securities Exchange Act of 1934.
Terms of Use
By accessing this website, you agree to be bound by the Terms of Use set forth herein. If you do not agree to these Terms of Use, do not access, view or use this site or any information contained herein.
The information on this website is for informational purposes only and does not constitute a solicitation or offer by Siebert Williams Shank & Co., LLC (“SWS”) or its affiliates to purchase or sell any securities, futures, options or other financial instruments or provide any investment advice or service.
The information on this website is published in the United States and intended for distribution and use by United States persons. It is not intended for distribution or use by any person in any other jurisdiction or country where such distribution or use would be contrary to local law or regulation.
The information on this site is provided “As Is”. SWS does not warrant the accuracy of the information or any material provided herein, either expressly or impliedly, for any particular purpose and expressly disclaims any implied warranty of merchantability or fitness for a particular purpose. SWS and its affiliates will not be responsible for any direct, indirect, consequential or special damages arising from the user’s access to or use of the contents of this website.
Although the information provided on this website is obtained or compiled from sources we believe to be reliable, SWS cannot and does not guarantee the accuracy, validity, timeliness or completeness of any information or data available on this website.
The use of the information contained on this website should not be construed as the rendering of tax, accounting, or legal advice. SWS does not provide tax, accounting, or legal advice. The products or services mentioned on this site may have tax consequences and, therefore, the user should consult its tax advisor in order to understand the tax consequences of any product or services mentioned on this website.
No information may be reproduced, transmitted, displayed, distributed, published or otherwise used for commercial purpose without the express written consent of Siebert Williams Shank & Co., LLC.
This website may contain links to other Internet websites that are beyond the control of SWS. Such links are provided for your convenience. SWS assumes no responsibility for the accuracy, completeness, timeliness, suitability or legality of the content of any such websites, or for any products or services that might be offered therein.
SEC Rule 606
SEC Rule 606 requires broker‐dealers that route customer orders in NMS securities and listed option securities to make publicly available quarterly reports that identify the venues to which customer orders are routed for execution.
While SWS does not have any non-directed orders in NMS stocks that are submitted on a held basis, you may locate Siebert Williams Shank & Co., LLC’s (“SWS”) report at http://disclosure.bestxstats.com/wlms/606/. In accordance with SEC Rule 606(b)(3), upon written request of a customer that places not held orders, SWS will provide specific disclosures, for the prior six months, regarding routing and execution of such orders. Per SEC Rule 606(b)(3) data collection for customer‐specific not held orders began June 1, 2020 and starting July 29, 2020 customer‐specific reports requested by clients will be provided within seven business days from the request.
For more information regarding the quarterly reports required by SEC Rule 606(a), and other aspects of SEC Rule 606, you may review the final rule here: https://www.sec.gov/rules/final/2018/34‐84528.pdf
SEC Rule 607
SEC Rule 607 requires all registered broker‐dealers to provide disclosure to customers regarding payment for order flow practices upon the opening of a new account and annually thereafter. Accordingly, the following information is being provided as your annual notification in compliance with the SEC Rule: In SWS’s efforts to seek best execution, SWS routes client orders to national securities exchanges, alternative trading systems (ATSs), electronic communications networks (ECNs) and other market centers. If you have not directed or placed restrictions on your order, your orders may be routed to exchanges, market centers, and ECNs that may subsequently provide us the opportunity to receive rebates, credits. SWS may receive rebates when providing liquidity to an exchange, and may be subject to a fee when liquidity is taken from an exchange.
FINRA Rule 5320
FINRA Rule 5320 generally prohibits a broker‐dealer that accepts and holds an order in an equity security from its customer or a customer of another broker‐dealer without immediately executing the order from trading that the security on the same side of the market for its own account at a price that would satisfy the customer order, unless it immediately thereafter executes the customer order up to the size and the same or better price at which it traded for its own account. When you place a “not held” order, which is generally a discretionary order, please note that SWS trades customer orders on an agency basis only and does not trade securities for its own account.
Reg SHO - Failure to Deliver Securities Sold Long
When you enter an order to sell a security “long” you are representing to our firm that you own the securities being sold without restriction and that you will deliver the securities to us by the settlement date. Failure to deliver the securities by the settlement date could result in the cancellation of the transaction or the purchase of securities for your account to complete the transaction. You may not be given notice if such a purchase is made and you shall assume any and all risk associated with the purchase.
Reg SHO - Failure to Deliver Securities Sold Short
If you enter an order with SWS to sell securities “short” for your account and you do not deliver them to SWS by settlement date, your transaction will be marked as a “fail to deliver”. SWS will make every effort to minimize the impact of a failed to deliver status, in compliance with regulatory rules, we may be required to purchase securities form another source to cover your short position should the securities not be delivered in time for settlement. Reg SHO rules requires any short sale position be closed out by the opening of trading on T+4. SWS may initiate a buy‐in to ensure delivery of the securities. Should a buy‐in occur, you will be responsible for making payment on the securities that are purchased.
Indications of Interest (IOI)
SWS may handle “orders to work” by issuing an IOI to a trading venue or another market participant. An IOI contains (some but not all) of the following: size, security name, side, and price. IOI’s are intended to solicit contra‐side interest in an attempt to reduce market impact. IOI’s are typically disseminated over electronic trading systems or through direct connections to order management systems. When IOI’s are published, SWS will adhere to guidelines published by the applicable service provider, and regulators.
FINRA Conduct Rule
Pursuant to FINRA Conduct Rule 2267, please note that the toll‐free number for the Public Disclosure Program of FINRA (which provides certain information about the disciplinary history of FINRA members and their associated persons) is (800) 289‐9999, the FINRA web site is www.finra.org and an investor brochure that includes information describing the Public Disclosure Program is available upon request from FINRA.
Customer Complaints
In accordance with SEC Rule 17a‐3(a)(18)(ii), please be advised that any complaints may be directed to the following:
Siebert Williams Shank & Co., LLC
Attn.: Compliance Department
compliance@siebertwilliams.com
FINRA Rule 2266‐SIPC Disclosure
In accordance with FINRA Rule 2266, please be advised that information pertaining to the Securities Investors Protection Corporation (“SIPC”), including a SIPC Brochure, may be obtained by contacting the following via e‐ mail or the web at:
Securities Investor Protection Corporation
1667 K St. N.W., Suite 1000
Washington, D.C. 20006-1620
(202) 371‐8300
Rule G-10 Disclosures
Siebert Williams Shank & Co., LLC is registered with the U.S. Securities and Exchange Commission and the Municipal Securities Rulemaking Board (“MSRB”), and is a member of the Financial Industry Regulatory Authority, Inc. The MSRB’s website (www.MSRB.org) provides useful information, including an investor brochure that describes the protections that may be provided to you by the MSRB and how to file a complaint with an appropriate regulatory authority.
Government Sponsored Enterprises (GSEs)
Siebert Williams Shank & Co., LLC (SWS) has adopted the Securities Industry and Financial Markets Association's ("SIFMA") revised guidelines with respect to its obligation to deliver offering documentation in connection with securities issued by Government Sponsored Enterprises ("GSEs"). The revised guidelines provide for an "access = delivery" model that permits SWS to comply with its delivery obligations by providing you with access via a publicly accessible internet website and informing you that you are entitled to receive a printed copy should you so choose. A printed copy of the offering materials is available upon request by calling your designated SWS Account Executive.
Accordingly, please be advised that term sheets, pricing supplements and financial reports (including notices and circulars) for transactions in newly issued Federal Home Loan Bank (FHLB), Federal National Mortgage Association (FNMA), Federal Farm Credit Bank (FFCB), Federal Home Loan Mortgage Corporation (FHLMC) and Government National Mortgage Association (GNMA) securities can be obtained by visiting their respective websites directly:
Government Sponsored Enterprise Debt
http://www.fanniemae.com/portal/funding-the-market/mbs/index.html (mortgage backed)
http://www.fanniemae.com/portal/funding-the-market/debt/index.html (debt securities)
www.freddiemac.com/debt/ (debt securities)
www.freddiemac.com/mbs/ (mortgage backed)
http://www.ginniemae.gov/investors/prospectus.asp?Section=Investors (multiclass securities)
Business Continuity Planning
Siebert Williams Shank & Co., LLC has developed a Business Continuity Plan concerning how we will respond to events that significantly disrupt our business. Since the timing and impact of disasters and disruptions is unpredictable, we will have to be flexible in responding to actual events as they occur. With that in mind, we are providing you with this information on our Business Continuity Plan.
Contacting Us – If after a significant business disruption, you cannot contact us as you usually do at 646-775-4850 or 212-830-4500 or info@siebertwilliams.com, you should call our alternative number, DiAnne Calabrisotto at 646-530-0835 or go to our web site at www.siebertwilliams.com. If you cannot access us through either of those means, you should contact our clearing firms, Fidelity Clearing and Custody Solutions (“NFS”) 877-262-5950 or at clearingcustody.fidelity.com or Pershing LLC, at 201-413-3635 or at www.Pershing.com for instructions on how it may provide prompt access to funds and securities, enter orders and process other trade-related, cash, and security transfer transactions.
Our Business Continuity Plan – We plan to quickly recover and resume business operations after a significant business disruption and respond by safeguarding our employees and property, making a financial and operational assessment, protecting the firm’s books and records, and allowing our customers to transact business. In short, our Business Continuity Plan is designed to permit our firm to resume operations as quickly as possible, given the scope and severity of the significant business disruption.
Our Business Continuity Plan addresses: data back‐up and recovery; all mission critical systems; financial and operational assessments; alternative communications with customers, employees, and regulators; alternate physical location of employees; critical supplier, contractor, bank and counter‐party impact; regulatory reporting; and assuring our customers prompt access to their funds and securities if we are unable to continue our business.
Our clearing firms, NFS and Pershing, LLC, backs up our important records in a geographically separate area. While every emergency situation poses unique problems based on external factors, such as time of day and the severity of the disruption, we have been advised by our clearing firm that its objective is to restore its own operations and be able to complete existing transactions and accept new transactions and payments within four hours. Your orders and requests for funds and securities could be delayed during this period.
Varying Disruptions – Significant business disruptions can vary in their scope, such as only our firm, a single building housing our firm, the business district where our firm is located, the city where we are located, or the whole region. Within each of these areas, the severity of the disruption can also vary from minimal to severe. In a disruption to only our firm or a building housing our firm, we will transfer our operations to a local site when needed and expect to recover and resume business within 1 business day.
In a disruption affecting our business district, city, or region, we will transfer our operations to a site outside of the affected area, and recover and resume business within one business day. In either situation, we plan to continue in business, and notify you through our web site, www.siebertwilliams.com or our customer emergency numbers. If the significant business disruption is so severe that it prevents us from remaining in business, we will assure our customers’ prompt access to their funds and securities.
For more information – If you have questions about our business continuity planning, you can contact DiAnne Calabrisotto at 212‐830‐4559 or dcalabrisotto@siebertwilliams.com
Notice of Privacy Policy & Practices
Siebert Williams Shank & Co., LLC ("SWS") recognizes and respects the privacy concerns and expectations of our customers. We provide this notice to you so that you will know what kinds of information we collect and the circumstances in which that information may be disclosed to third parties who are not affiliated with SWS.
Collection of Customer Information
We collect nonpublic personal information about our customers from the following sources:
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Account Applications and other forms, which may include a customer's name, address, social security number, and information about a customer's investment goals and risk tolerance;
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Account History, including information about the transactions and security positions in a customer's accounts; and
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Correspondence, written, telephonic or electronic between a customer and SWS.
Disclosure of Customer Information
We may disclose all of the information described above to third parties who are not affiliated with SWS under one or more of these circumstances:
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As Authorized ‐ if you request or authorize the disclosure of the information.
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As Permitted by Law ‐ for example, sharing information with companies who provide financial services or maintain or service customer accounts for SWS.
Security of Customer Information
We maintain physical, electronic and procedural to protect nonpublic personal information of customers of SWS, including policies and procedures designed to assure only appropriate access to, and use of information about customers of SWS.
We will adhere to the policies and practices described in this notice regardless of whether you are a current or former customer of SWS.
Best Execution Disclosure
In every transaction for a customer, whether acting as principal or agent, Siebert Williams Shank & Co., LLC owes its customer a duty of best execution.
For equity transactions, best execution means obtaining the most fair and reasonable price for the customer. Care is taken to ensure the firm obtains best execution for is customers by reviewing OATS Reports and other available data. Best execution involves more than just getting the best price for the customer. Other factors include speed and likelihood of execution. Anonymity and liquidity could also be relevant factors.
In all cases, best execution should be viewed from the customer’s point of view, not the firm’s.
Customer Relationship Summary
Clearing Firm Disclosure
THE FIRM CLEARS ALL OF ITS TRADES, ON A FULLY DISCLOSED BASIS, THROUGH FIDELITY CLEARING & CUSTODY SOLUTIONS AND PERSHING, LLC.
Business Continuity
SIEBERT WILLIAMS SHANK & CO., LLC BUSINESS CONTINUITY PLANNING
Siebert Williams Shank & Co., LLC has developed a Business Continuity Plan concerning how we will respond to events that significantly disrupt our business. Since the timing and impact of disasters and disruptions is unpredictable, we will have to be flexible in responding to actual events as they occur. With that in mind, we are providing you with this information on our Business Continuity Plan.
Contacting Us – If after a significant business disruption, you cannot contact us as you usually do at 646-775-4850 or 212-830-4500 or info@siebertwilliams.com, you should call our alternative number, DiAnne Calabrisotto at 646-530-0835 or go to our web site at www.siebertwilliams.com. If you cannot access us through either of those means, you should contact our clearing firms, Fidelity Clearing and Custody Solutions (“NFS”) 877-262-5950 or at clearingcustody.fidelity.com or Pershing LLC, at 201-413-3635 or at www.Pershing.com for instructions on how it may provide prompt access to funds and securities, enter orders and process other trade-related, cash, and security transfer transactions.
Our Business Continuity Plan – We plan to quickly recover and resume business operations after a significant business disruption and respond by safeguarding our employees and property, making a financial and operational assessment, protecting the firm’s books and records, and allowing our customers to transact business. In short, our Business Continuity Plan is designed to permit our firm to resume operations as quickly as possible, given the scope and severity of the significant business disruption.
Our Business Continuity Plan addresses: data back-up and recovery; all mission critical systems; financial and operational assessments; alternative communications with customers, employees, and regulators; alternate physical location of employees; critical supplier, contractor, bank and counter-party impact; regulatory reporting; and assuring our customers prompt access to their funds and securities if we are unable to continue our business.
Our clearing firms, NFS and Pershing, LLC, backs up our important records in a geographically separate area. While every emergency situation poses unique problems based on external factors, such as time of day and the severity of the disruption, we have been advised by our clearing firm that its objective is to restore its own operations and be able to complete existing transactions and accept new transactions and payments within four hours. Your orders and requests for funds and securities could be delayed during this period.
Varying Disruptions – Significant business disruptions can vary in their scope, such as only our firm, a single building housing our firm, the business district where our firm is located, the city where we are located, or the whole region. Within each of these areas, the severity of the disruption can also vary from minimal to severe. In a disruption to only our firm or a building housing our firm, we will transfer our operations to a local site when needed and expect to recover and resume business within 1 business day. In a disruption affecting our business district, city, or region, we will transfer our operations to a site outside of the affected area and recover and resume business within one business day. In either situation, we plan to continue in business, transfer operations to our clearing firm if necessary, and notify you through our web site, www.siebertwilliams.com or our customer emergency number, DiAnne Calabrisotto at 646-530-0835, how to contact us. If the significant business disruption is so severe that it prevents us from remaining in business, we will assure our customers’ prompt access to their funds and securities.
For more information – If you have questions about our business continuity planning, you can contact DiAnne Calabrisotto at 212-830-4559 or dcalabrisotto@siebertwilliams.com.