Business Continuity Plan
The purpose of this disclosure is to provide you with very important information about the Torino Capital LLC (“Torino”) Business Continuity Plan (“BCP”) so that you are aware of what you need to do to in the event that our firm experiences a significant business disruption (“SBD”). As a result of our ever-changing and evolving world, it has become necessary for firms in the financial services industry to take steps to ensure their preparedness to meet customer needs and resume regular business operations in a timely manner in the event of an SBD.
There are several types of SBDs varying in severity and scope that may occur on an internal or external level. An internal SBD, such as a fire in our building, would only affect the firm’s ability to conduct its normal business. An external SBD, such as an earthquake, regional power outage, or terrorist attack, would affect the operations of several firms or the financial markets as a whole.
FINRA Rule 4370: Members are required to establish emergency preparedness plans and procedures. Each member must create and maintain a BCP that identifies certain requirements each plan must address. The Rule further requires members to update their BCP’s upon any material change and, at a minimum, conduct an annual review of their BCP. Each member must also disclose to its customers how it’s BCP addresses the possibility of a future SBD and how the member plans to respond to events of varying scope.
Emergency Contact Persons:
The Firm’s two emergency contact persons are:
Victor Sierra Work (212) 661-2400 CEO – Alt. (555) 555-5555
Alt. Email firstname.lastname@example.org
Fabiano Borsato Work (212) 661-661-2400,
Chief Operating Officer (“COO”) – Alt. (555) 55-5555
Alt. Email email@example.com
Michael Grace is the Chief Compliance Officer. Mario Rappoport is the Head Trader.
It is the policy of Torino Capital LLC. (“the firm”) to respond to a Significant Business Disruption (SBD) by safeguarding employees’ lives and firm property, making a financial and operational assessment, quickly recovering and resuming operations, protecting all of the Firm’s books and records, and allowing our customers to transact business. In the event of an SBD which causes Torino to suspend business operations, Torino has procedures in place allowing customers prompt access to their funds and/or securities.
Significant Business Disruptions: (SBD)
Our plan anticipates two kinds of SBDs, internal and external. Internal SBDs only affect our firm’s ability to communicate and do business, such as a fire in the building or a localized power outage. External SBDs prevent the operation of the securities markets or for a number of firms, such as a terrorist attack, a city flood, or wide scale regional disruption. Our response to an external SBD relies more heavily on other organizations and systems, especially on third party vendors such as Torino’s Clearing Company, Our Internet Service Provider (“ISP”), Linked Smart Phones, and Utility Companies.
Approval and Execution Authority:
The CEO is the registered principal of the firm, responsible for approving the plan and for conducting the required annual review. The CEO has the authority to execute the Business Continuity Plan.
Plan Location and Access:
The firm will maintain copies of its BCP and annual reviews along with any changes that have been made to it for inspection. An electronic copy of the plan is located on the company’s website so all employees and customers may access it at any time.
The firm is a broker dealer that engages in multiple aspects of the securities industry with sophisticated investors, institutional investors, and individual customers. The firm does not take possession/delivery of any bonds or stock, hold positions for clients, and does not hold client funds.
The firm home office is located at 800 Third Avenue, 37th Floor, New York, N.Y. 10022. The mailing address is 800 Third Avenue, 37th Floor, New York, N.Y. 10022. The main telephone number is (212) 661-2400.
Alternate Physical Locations of Employees:
In the event of an external SBD, we will immediately evacuate our staff from the affected areas and follow all building procedures for a safe egress. Depending on the severity of the SBD, employees may be instructed to evacuate the area of New York City. Safety of our employees is of paramount importance and will not be compromised.
The CEO will determine when/where employees should return to work. Together with our IT consultant we will work to reestablish operations in a timely manner.
The firm maintains contact information for all employees on site as well as off site. Employees are required to inform the CEO whenever they change personal email/mobile phone numbers or any other contact information.
All mission critical employees have remote service capabilities and can access the company server to obtain data files. Files are also available offsite. All our other services are accessed via online services and personnel can access anywhere there is internet connection. In the event of the main office/NYC evacuation, all employees are required to log into their account via remote login services, alert their clients of the disruption electronically, or alternatively, call them directly.
Customer Access to Funds and Securities:
The firm does not hold any customer funds or securities. Customers can be assured it is unlikely /regardless of what SBD occurs/ there are safeguards in-place preventing will not result in any loss of customer funds or securities.
The firm is a member of SIPC.
Data Back-Up and Recovery (Hard Copy and Electronic)
Our firm maintains its primary hard copy books and records at 800 Third Avenue, 37th Floor, New York, N.Y. 10022. The Company also maintains electronic company records offsite. The CEO is responsible for the maintenance of these books and records.
All accounting books and records are maintained electronically on-site and off-site, and backed up to company server. Selected reconciliations and other supporting documents are maintained electronically on the Company server and backed with firm’s clearing company. The CEO is responsible for the maintenance of these books and records.
All email correspondences are backed up nightly and archived by Global Relay. A web-based email hosting service that our administrator is able to access 24 hours a day 7 days a week from any secured internet connection.
The firm saves files to ???? throughout the day. The firm also backs up all files weekly to the company server. This is the responsibility of the CEO.
In the event of an internal or external SBD that causes the loss of our paper or electronic records we will recover them from our back-up site. Also all critical files are available remotely through redundant electronic services. If our primary site is inoperable, we will continue operations at a back-up facility to be determined by the CEO.
Financial and Operational Assessments:
In the event of a SBD, the firm will immediately identify what means will best permit communication with our customers, employees, critical business constituents, critical banks, critical counter-parties and regulators. Although effects of an SBD will determine the means of alternative communication, some methods that may be employed are personal secure email, telephone, remote terminal access, and remote business email access. In addition we will quickly retrieve our key activity records as described in the section above, Data Back-Up and Recovery (Hard Copy and Electronic)
In the event of a SBD, The CEO will evaluate our ability to continue to fund our operation and remain in capital compliance. Since the firm does not take possession of customer funds or securities, there is very little risk to the client/customers should our business be suspended or disrupted. In addition, we will contact our clients to apprise them of our financial status.
If the firm cannot remedy a capital deficiency, we will file appropriate notices with our regulators and immediately take appropriate steps, including infusing funds.
Mission Critical Systems:
Our Firm’s mission critical systems are those which ensure prompt and accurate processing and recording of securities transactions including proper documentation of confirmations, communications, correspondence, due diligence files, offering documents, and other significant documentation. In addition, all engagement documents, documentation of sophisticated investors and institutions, maintenance of customer invoices, and financial reporting responsibilities to FINRA.
If all methods of electronic communication are compromised, a decision will be made to continue business operations by the CEO. If possible, we will continue business over the phone with verbal and or alternative electronic confirmations.
The CEO will take special care in reviewing all transactions that occur during times of disruptions as our normal supervisory procedures become more difficult. However, compliance responsibilities will never cease to be a priority for the firm and all employees are held to the high standards of business ethics at all times.
The firm has taken steps to ensure that business operations are able to be restored quickly with help from our technology partners and outside vendors.
The specifics of a SBD can vary greatly and our response will be dependent on type and magnitude of the disruption. While it is impossible to predict all types of business disruptions, our size allows us to be very quick to respond and recover from such events.
The firm’s policy regarding new employees is to apprise and train them on the business continuity plan and how it affects their clients and their responsibilities.
The firm puts great importance on compliance and technology; therefore, as the firm expands, investments in infrastructure will be prioritized to replicate data and processes so in the event of an SBD any downtime will be minimized.
The firm utilizes many modes of communication with its employees and regulators including: phone, email, written, and personal meetings. In the event of an SBD, we will assess which means of communication is most effective for the given situation.
The CEO will initiate a method of communication that insure all employees are accounted for and contacted, including an employee “Phone Tree.”
Victor Sierra, (CEO) is responsible for contacting the firm’s bank, accountants, Global Relay, landlord, FINRA, Registered Representatives, other critical vendors, and initiating the employee Phone Tree.
In addition to the employee phone tree, the firm maintains a list of all phone numbers and email addresses for all its business partners and clients. A file is maintained on the server called “????????”.
Critical Business Constituents, Banks and Customer Contact:
In the event of an SBD, vendors and critical business partners will be contacted regarding their ability to continue business operations during an SBD. The firm will periodically review the relationships with each business constituent, assessing if they are capable of assisting with the firm’s requirements for carrying out the BCP.
The firm uses ????? Bank and ????? Bank as the primary business banking partners. They have multiple locations around the United States should our local offices be unavailable due to an internal or external disaster or other SBD.
The Firm is subject to the financial reporting requirements of FINRA. Reports to FINRA are delivered electronically. Should we no longer be able to file electronically, all required filings will be submitted in compliance with FINRA regulations.
The firm recognizes its reporting obligations do no cease because of a business disruption (SBD) and will make every effort to maintain its reporting requirements with FINRA.
Disclosure of Business Continuity Plan:
The firm provides its employees with access to the business continuity plan when they begin employment. The firm also provides all clients with a copy of the business continuity plan upon their request. In addition, the BCP is accessible on the firm’s website
Updates and Annual Review:
The firm updates the BCP whenever there is a material change to operations, business structure, business location, or any other issue involving business disruptions. In addition, the firm will review the BCP annually. Any modifications needed, or any changes, that may enhance our ability to diffuse, or mitigate any disruptions will be made accordingly.
Future Business Growth and Development:
The firm is expanding our business operations. As new lines of business are added (subject to FINRA approval) the Firm will continue to update and review the BCP to ensure that it continues to meet the needs of all business lines.
Any addition of technology services that the new employee or team may need that is different from our current configuration will be incorporated into the BCP.
800 3rd Avenue.
New York, NY 10022
800 3rd Avenue.
New York, NY 10022
New York City, NY