Common use of Disciplinary Action, Suspension, or Restriction Clause in Contracts

Disciplinary Action, Suspension, or Restriction. If Broker becomes subject to disciplinary action, suspension, or restriction by a federal or state agency, stock exchange, or regulatory or self-regulatory organization having jurisdiction over Broker or Broker's securities or commodities business, Broker shall notify Pershing immediately, orally and in writing, and provide Pershing a copy of any decision relating to such action, suspension, or restriction. Broker shall reimburse Pershing for the fees and expenses associated with any legal advice Pershing may seek with respect to the effect of such action, suspension, or restriction on the rights and obligations of Pershing under this Agreement.. Pershing may take any action it reasonably deems to be necessary (i) to assure that it will continue to comply with all applicable legal, regulatory, and self-regulatory requirements, notwithstanding such action, suspension, or restriction, and (ii) to comply with any requests, directives, or demands made upon Pershing by any such federal or state agency, stock exchange, or regulatory or self-regulatory organization.

Disciplinary Action, Suspension, or Restriction. If Broker becomes subject to disciplinary action, suspension, or restriction by a federal or state agency, stock exchange, or regulatory or self-self regulatory organization having jurisdiction over Broker or Broker's securities or commodities business, Broker shall notify Pershing immediately, orally and in writing, and provide Pershing a copy of any decision relating to such action, suspension, or restriction. Broker shall reimburse Pershing for the fees and expenses associated with any legal advice Pershing may seek with respect to the effect of such action, suspension, or restriction on the rights and obligations of Pershing under this Agreement.. . Pershing may take any action it reasonably deems to be necessary (i) to assure that it will continue to comply with all applicable legal, regulatory, and self-regulatory requirements, notwithstanding such action, suspension, or restriction, and (ii) to comply with any requests, directives, or demands made upon Pershing by any such federal or state agency, stock exchange, or regulatory or self-regulatory organization.