DISCLOSURES


LEGAL STATEMENT

The information provided on this site or in any communication containing a link to this site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject M.S. Howells & Co. or its affiliates to any registration requirement within such jurisdiction or country. None of the information contained in this web site constitutes a solicitation or offer by M.S. Howells & Co. or its affiliates to buy or sell any securities, futures, options or other financial instruments or provide any investment advice or service. This material is provided to you for informational purposes.

M.S. Howells & Co. is a registered broker/dealer with FINRA (finra.org) and is registered in the following state jurisdictions: AL, AR, AZ, CA, CO, CT, DC (District of Columbia), DE, FL, GA, IA, ID, IL, IN, KS, KY, LA, MA, MD, MI, MN, MO, MS, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, & WY. If you are not a resident of one of the aforementioned states, please exit this website and call us at (480) 563-2000 for more information.


BUSINESS CONTINUITY PLAN

M.S. Howells & Co. has developed a Business Continuity Plan on how we will respond to events that could 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 in regards to our business continuity plan.

Contacting Us: If we experience a significant business disruption and you cannot contact us through our main line: 1 (480) 563–2000, please call our alternate emergency contacts:

Operations: Katrina Santa Maria… 1 (602) 330–6244
Trading: Brian McClive… 1 (248) 342–7851
All Other Inquires: Stephen Howells… 1 (480) 463–4151

or visit our website at mshowells.com. If you cannot access us through either of those means you should contact the appropriate clearing firm for instructions on how you may execute orders for your account(s), obtain access to your funds or securities, or request funds. The respective clearing firm contact information is as follows:

Pershing, LLC: 1 (800) 443–4342 or 1 (201) 413–3635

Our Business Continuity Plan: We plan to quickly recover and resume business operations after any significant business disruption. We will 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 the firm to resume operations as quickly as possible, given the scope and severity of the significant business disruption.

Our business continuity plan addresses: data backup 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 firm(s) back up our important records in a geographically separate area and has their own Business Continuity Plan. While every emergency situation poses unique problems based on external factors, such as time of day and the severity of the disruption, our clearing relationships have advised that their objective is to restore their own operations and be able to complete existing transactions and accept new transactions and payments within a reasonable period of time. 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 as needed and expect to recover and resume business within 24 hours. 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 48 hours. In either situation, we plan to continue with our business or, if necessary, transfer our operation off site. Customers will be notified through our website mshowells.com. 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 plan, please contact us.


ORDER ROUTING

The SEC has adopted Rule 606, which requires all brokerage firms to make publicly available quarterly reports on their order routing practices. In accordance with Rule 606, M.S. Howells & Co.’s order routing statistics are available for review. View our order routing statistics.


EXTENDED HOURS TRADING

Risk Disclosure Statement

You should consider the following points before engaging in extended hours trading. “Extended hours trading” means trading outside of “regular trading hours.” “Regular trading hours” generally means the time between 9:30 a.m. and 4:00 p.m. Eastern Standard Time.

  • Risk of Lower Liquidity. Liquidity refers to the ability of market participants to buy and sell securities. Generally, the more orders that are available in a market, the greater the liquidity. Liquidity is important because with greater liquidity it is easier for investors to buy or sell securities, and as a result, investors are more likely to pay or receive a competitive price for securities purchased or sold. There may be lower liquidity in extended hours trading as compared to regular trading hours. As a result, your order may only be partially executed, or not at all.
  • Risk of Higher Volatility. Volatility refers to the changes in price that securities undergo when trading. Generally, the higher the volatility of a security, the greater its price swings. There may be greater volatility in extended hours trading than in regular trading hours. As a result, your order may only be partially executed, or not at all, or you may receive an inferior price when engaging in extended hours trading than you would during regular trading hours.
  • Risk of Changing Prices. The prices of securities traded in extended hours trading may not reflect the prices either at the end of regular trading hours, or upon the opening the next morning. As a result, you may receive an inferior price when engaging in extended hours trading than you would during regular trading hours.
  • Risk of Unlinked Markets. Depending on the extended hours trading system or the time of day, the prices displayed on a particular extended hours trading system may not reflect the prices in other concurrently operating extended hours trading systems dealing in the same securities. Accordingly, you may receive an inferior price in one extended hours trading system than you would in another extended hours trading system.
  • Risk of News Announcements. Normally, issuers make news announcements that may affect the price of their securities after regular trading hours. Similarly, important financial information is frequently announced outside of regular trading hours. In extended hours trading, these announcements may occur during trading, and if combined with lower liquidity and higher volatility, may cause an exaggerated and unsustainable effect on the price of a security.
  • Risk of Wider Spreads. The spread refers to the difference in price between what you can buy a security for and what you can sell it for. Lower liquidity and higher volatility in extended hours trading may result in wider than normal spreads for a particular security.