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GAGNON SECURITIES BUSINESS
CONTINUITY PLAN SUMMARY
At Gagnon Securities LLC (GS), we recognize that you rely on our systems
and services for the management of the assets that you have entrusted to us.
We also recognize that the unexpected can and does occur – from simple
situations to major outages. GS has successfully maintained critical business
activities during disruptions of normal business processes and we want you to
know that we have an extensive plan in place to safeguard your vital account
information in the event of a business disruption of varying scope.
GS has pre-established contingency and disaster recovery plans. Components of
this plan are reviewed and tested periodically to ensure effectiveness. GS
considers contingency planning to be an ongoing process that requires regular
review and assessment of the various risks and appropriate responses. As a
result, our plan may change from time to time as necessary. Please feel free
to contact us at any time at 212-554-5000 to receive the most updated version
of our Business Continuity Plan Summary. Our clearing firm, Bear Stearns
Securities Corporation, backs up their important records in a geographically
separate location. While emergency situations may pose unique problems,
depending upon time of day and the severity of the disruption, our clearing
firm has advised us that its objective is to restore its own operations, be
able to complete pending transactions, and accept new transactions within 12
hours. Orders and requests for funds and/or securities could therefore be
delayed during this period.
Significant business disruptions can vary in scope. For example, they could
affect only our firm; a single building that house our firm; the business
district within which we operate; the city in which we are located; or the
entire region. Within each of these areas, the severity of disruption can
vary from minimal to severe. In a disruption to our firm or a building that
houses our firm, we will transfer our operations to a site(s) outside of the
affected area, recover and resume business within eight hours by either
connecting to our main computer network or our duplicate computer network
located outside of New York City that receives regular daily streams of back
up data. In any scenario of business disruption we plan to continue our
business; if necessary we will transfer our operations temporarily to our
clearing firm. We will notify our clients by any means available to us
including telephone, e-mail, cell phone, or postings to our web site. If a
significant business disruption is so severe that it prevents us from
remaining in business, we will assure prompt access to our clients’
funds and securities.
Key features of GS’s Business Continuity Plan include annual reviews of
the following:
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Identification of all mission critical systems
(and system backup and recovery)
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A review of financial operations and risks
·
Alternate communications between GS and our
clients, clearing firm, critical business constituents and regulators
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Employee safety strategies and communications
·
Alternate computer network location and
preparedness
If you have any questions regarding our
Business Continuity Plan please do not hesitate to contact either Sue Ann
Murray at 212-554-5030 or Susan Grant at 212-554-5050.
Revised 12/19/07
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