Disclosures
SIPC Disclosure
SIPC provides protection to each Clearview Correspondent Services, LLC correspondent client account through the Securities Investor Protection Corporation amounting to a total of $500,000 inclusive of up to $250,000 in cash.
Clearview Correspondent Services, LLC carries insurance coverage issued by Lloyd's of London in excess of the standard SIPC coverage with a maximum limit per customer of $50,000,000 and a $200,000,000 total aggregate over all customers and every situation during the policy period.
IRS Non-Bank Trustee Approval Letter
On September 10, 2007, Clearview Correspondent Services, LLC received approval from the Internal
Revenue Service ("IRS") to serve as a nonbank trustee or custodian for individual
retirement accounts ("IRAs") established under sections 408 and 408A of the Internal
Revenue Code. A copy of the IRS approval letter is available by
clicking here.
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Clearview Correspondent Services, LLC (a separate non-bank affiliate of BB&T Corporation) Statement of Financial Condition
We are pleased to provide you with the annual audited Statements of Financial Condition. You may also obtain a copy by calling the company toll free at 1-800-552-7757, extension 3238.
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Disclosure of Order Routing Information
Please CLICK HERE to view the SEC-Required Report on Routing of Customer Orders for the current quarter.
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Business Continuity Statement
In today's environment, a disaster can occur anytime and significantly affect our Firm’s ability to conduct business. As such, Clearview Correspondent Services, LLC ("Clearview") maintains a Business Continuity Plan that documents the procedures the firm and its employees will follow when responding to any type of business disruption. Disruptions may occur via a wide variety of events or circumstances; as such, Clearview has instituted recovery planning that is both flexible and agile enough to respond to even the worst-case scenarios.
As part of a Master Service Agreement, Clearview has executive representation as part of the Scott & Stringfellow, LLC Business Recovery Management Team (BRMT) that manages the recovery of critical business functions in a timely manner following any significant business disruption. If Clearview, a self-regulatory organization, or an agency of the federal government declares a Disaster Event, the BRMT will assemble and operate from a Crisis Command Center. Clearview has the ability to relocate essential personnel to back-up facilities from which employees can conduct business.
We recognize that technology and communications are vital to client service. As such, Clearview's supporting infrastructure is maintained in a Tier IV back-up data and communications center that is more than 300 miles from its primary data center. This back-up facility contains redundant systems and communication links to ensure prompt access to client data. Our goal is to help ensure clients' access to their accounts despite any disruptions, realizing that there may be circumstances beyond our control. However, we are committed to constantly and consistently improving our resiliency and will continue to strive towards achieving our goal.
Clearview has developed a Business Continuity Plan and the supporting procedures to ensure customers will have prompt access to their securities and funds following most types of business disruptions. With regard to client assets, nearly all physical securities are held in central depositories or custodian banks. This allows Clearview and its clients a higher level of liquidity and security of their assets in any type of business disruption.
The following are some very important guidelines that you may use in the event our Firm is operating under emergency conditions:
- Primary contact: Your Customer Relationship Manager
- Secondary Contact: Information regarding the status of Clearview can be found on our website, www.ClearviewCS.com
- Tertiary Contact: The Firm has the ability to establish a Client Crisis Hotline to be utilized during emergency situations
Clearview values its clients and is committed to servicing their financial needs throughout a disruption. Clearview is equally committed to remaining compliant with all federal and self-regulatory organization rules and regulations.
Clearview has taken significant steps to strengthen its Business Continuity Plans; however it cannot guarantee that all systems will be immediately available following a significant business disruption. Nonetheless, our clients can be assured the employees of Clearview are committed to resuming all business operations as quickly as possible and continuing our service in a professional and courteous manner.
Clearview will update its Business Continuity Plan and this Statement as circumstances dictate.
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Clearview Correspondent Services Consumer Privacy Notice
To view the Privacy Notice, click here.
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Options Disclosure
Pursuant to FINRA Rule 2860(b)(11), the firm wants to ensure that all customers engaged in option trading are made aware of recent updates to the Characteristics and Risks of the Standardized Options Disclosure Document (the "ODD"). All supplemental information should be read in conjunction with the current ODD. Please visit the following website to obtain and read the ODD and most recent supplemental updates: http://www.optionsclearing.com/about/publications/character-risks.jsp
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Auction Rate Securities
Auction rate securities ("ARS") are debt instruments with a long term stated maturity that pay investors a variable rate of interest determined through a Dutch auction. The Dutch auction process works as follows: Broker-dealers submit bids on behalf of investors to the auction agent. Based on the bids received from bidding investors, the auction agent determines the clearing rate. The clearing rate is the minimum rate of interest that investors are willing to accept for the next cycle to ensure that all bonds are placed. The investors purchasing such ARS receive such interest rate for such next cycle.
If there are an insufficient number or investors or no clearing rate can be attained, the auction fails. In a failed auction, all current investors continue to hold their ARS at stated interest rate provided for when an auction fails (the "maximum interest rate"). Investors should consult the official statement/prospectus to determine how the minimum and maximum rates are calculated for each auction, as these rates are transaction specific. Investors do not have the right to put their ARS back to the issuer if an auction fails; instead, they rely on the auction process to provide liquidity.
For more information relating to ARS, please contact your financial advisor.
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GSE Offering Disclosure
Offering materials on Government Sponsored Enterprise securities may be obtained at the following websites:
Farm Credit Banks Funding Corp
Freddie Mac
Fannie Mae
Federal Home Loan Bank
If you wish to opt out of Electronic Delivery, please contact your Introducing Firm.
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Electronic Municipal Market Access ("EMMA")
The Electronic Municipal Market Access system, or EMMA, is a comprehensive, centralized
online source for free access to municipal disclosures, market transparency data
and educational materials about the municipal securities market. EMMA is specifically
designed for retail, non-professional investors who may not be experts in financial
or investing matters.
Please click on the following link to access the EMMA system:
http://emma.msrb.org/Default.aspx
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