- Business Continuity Plan (BCP)
- US Patriot Act
- SEC Rule 606
- FINRA Broker Check
- ISE Disclaimer
Bay Crest Partners, LLC has enacted a Business Continuity Plan (BCP) that is consistent with regulatory requirements and has successfully supported critical business activities during disruptions of normal business processes resulting from natural and man-made disasters. Rather than attempting to plan for every possible situation that could occur, we have established baseline requirements and strategies to keep our business operating during a variety of emergencies. In addition to having our BCP in place, we conduct regular exercises as necessary, and at least annually, to test strategies and systems.
Our BCP is designed to be activated in the event of a Significant Business Disruption (SBD). The BCP attempts to continue operations if an event were to occur that would impact the firm's business locations or systems. We anticipate a variety of significant business disruptions and the actions Bay Crest Partners, LLC would take in the event of a building, town-wide or regional incident. The BCP provides that after performing an initial assessment of the event, a Managing Member and Pricipal would execute our BCP. Under most scenarios, we expect to continue conducting business and resume operations with minimal service impact. However, under certain scenarios, the time it takes to recover and resume operations maybe significantly increased depending on the extent of the disruption to our systems and physical structures.
Bay Crest Partners, LLC is an introducing firm and does not perform clearing functions for any orders or transactions. We do not hold customer's securities or funds. Bank of America Merrill Lynch clears and settles all Bay Crest transactions. Bank of America Merrill Lynch maintains our customer accounts, and in the event of a Significant Business Disruption, can grant customers access to their accounts and deliver securities and funds.
Bank of America Merrill Lynch maintains a business continuity plan and the capacity to execute that plan.* Our clearing firm represents that it will advise us of any material changes to its plan that might affect our ability to maintain our business and presented us with an executive summary of its plan. In the event our clearing firm executes its plan, it represents that it will notify us of such execution. Our clearing firm represents that it backs up our records at a remote site and that it operates a backup operating facility in a geographically separate area with the capability to conduct the same volume of business as its primary site. Our clearing firm has also confirmed the effectiveness of its back-up arrangements to recover from a wide scale disruption by testing, and it has confirmed that it tests its back-up arrangements.
Clients may be kept up to date on the potential business disruption scenarios by calling our corporate offices at 212-480-1400 to get information about accessing their securities and funds at our clearing firm.
*Bay Crest Partners clears through Bank of America Merrill Lynch (DTC 0161). Please review our clearing partner's BCP by accessing: Link to PDF.
Anti-Money Laundering Requirements
The USA PATRIOT Act is designated to detect, deter, and punish terrorists in the United States and abroad. The Act imposes new anti-money laundering requirements on brokerage firms and financial institutions. By April 24, 2002 all brokerage firms were required to have new, comprehensive anti-money laundering programs.
To help you understand these efforts, we want to provide you with some information about money laundering and our steps to implement the USA PATRIOT Act. Money laundering is the process of disguising illegally obtained money so that the funds appear to come from legitimate sources or activities.
Money laundering occurs in connection with a wide variety of crimes, including illegal arms sales; drug trafficking, robbery, fraud, racketeering, and terrorism. The use of the U.S. financial system by criminals to facilitate terrorism or other crimes could well taint our financial markets. According to the U.S. State Department, one recent estimate puts the amount of worldwide money laundering activity at $1 trillion a year.
Under new rules required by the USA PATRIOT Act, our anti-money laundering program must set up employee training, conduct independent audits, and establish policies and procedures to detect and report suspicious transactions and ensure compliance with the new laws.
As part of our required program, we may ask you to provide various identification documents or other information. Until you provide the information or documents we need, we may not be able to open an account or effect any transactions for you.
We thank you for your patience and hope that you will support us in our efforts to deny terrorist groups access to America's financial system.
SEC Rules 606 (formerly Rule 11Ac1-6) requires broker/dealers to make publicly available quarterly reports on their order routing practices, including disclosure of venues to which they route non-directed orders. Bay Crest Partners has engaged Optimal Applications Audit to provide these statistics and has made every attempt to prepare these statistics in compliance with the SEC's Rules. These statistics have not, however been independently audited and may contain errors.
Bay Crest Partners, LLC discloses this report pursuant to the U.S. Securities and Exchange Commission rule. The report provides information on the routing of non-directed orders - any order that the customer has not specifically instructed to be routed to a particular venue for execution. For these non-directed orders, Bay Crest selects the execution venue on behalf of our customers.
The report is divided into four sections: securities listed on the NYSE, securities listed on the NASDAQ, securities listed on the NYSE Alternext or regional exchanges, and exchange-listed options. In each section, this report identifies the venues most often selected by Bay Crest Partners, LLC, sets forth the percentage of orders routed to the venues, and discloses the material aspects of Bay Crest's relationship with those venues.
The report can be reviewed by accessing the following link: SEC Rule 606 Order Disclosure
The FINRA Broker Check (Public Disclosure) Program allows the public to obtain current regulatory information about FINRA member firms and registered representatives. You can obtain more information by visiting: http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/index.htm.
The U.S. Securities and Exchange Commission (SEC) has issued regulations requiring financial institutions to develop and disclose privacy policies regarding the handling of information about clients.
At Bay Crest Partners, LLC, we recognize the importance of protecting your privacy and we have policies in place to maintain the confidentiality and security of your personal information. The following policy is designed to help you understand what information we collect from you and how we use that information to serve your account.
We restrict access to nonpublic information, personal information about you, to those employees who need to know that information in order to provide products and services to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic information.
We collect nonpublic, personal information about you from the following sources:
- Our interaction with you on the telephone, in person or through e-mail or instant messaging
- Account applications or other forms you complete
- Transactions in your accounts or on your behalf
- Trading tools or other information tools we may make available to you
We do not disclose any nonpublic, personal information about our customers or former customers to anyone, except as permitted by law.
All information and content on www.baycrestpartners.com is subject to applicable statutes and regulations, furnished "as is", without warranty of any kind, express or implied, including but not limited to implied warranties of merchantability, fitness for a particular purpose, or non-infringement.
Bay Crest Partners, LLC makes no warranty as to content, and accepts no responsibility to update any data available on this Web site. The data provided by us and our third party providers are on an "AS IS" basis at your sole risk. Bay Crest Partners, LLC expressly disclaims any implied warranty of merchantability or fitness for a particular purpose, including any warranty for the use or the results of the use of the data with respect to correctness, quality, accuracy, completeness, reliability, performance, timeliness, or continued availability. Availability of data and services are subject to change without notice.
Bay Crest Partners, LLC has no liability, contingent or otherwise, to any user or to third parties, or any responsibility whatsoever, for the failure of any connection or communication service to provide or maintain access to this service, or for any interruption or disruption of such access or any erroneous communication between Bay Crest and user, regardless of whether the connection or communication service is provided by Bay Crest or a third party service provider. Bay Crest has no liability, contingent or otherwise, to users or to third parties, for the correctness, quality, accuracy, timeliness, reliability, performance, continued availability, completeness or delays, omissions, or interruptions in the delivery of the data and services available on this Web site or for any other aspect of the performance of this service.
This Web site may provide links to certain Internet sites (the "Sites") sponsored and maintained by third parties. Bay Crest is providing such links solely as a convenience to users. Accordingly, we make no representations concerning the content of the Sites. The fact that a link to a Site provided, does not constitute an endorsement, authorization, sponsorship, or affiliation by Bay Crest Partners, LLC with respect to the Site, its owners, or its providers. We have not tested any information, software, or products found on any of the Sites and therefore we do not make any representations with respect thereto, including any representations regarding the content or sponsors of the Site, or the suitability or appropriateness of the products or transactions described therein.
When handling an order of 500 contracts or more on your behalf, Bay Crest Partners LLC may solicit other parties to execute against your order and may thereafter execute your order using the International Securities Exchange's or ISE Gemini Exchange's Solicited Order Mechanism. This functionality provides a single-price execution only, so that your entire order may receive a better price after being exposed to the Exchange's participants, but will not receive partial price improvement. For further details on the operation of this Mechanism, please refer to International Securities Exchange and ISE Gemini Rule 716(e).