Common use of Obligations of the Intermediary Clause in Contracts

Obligations of the Intermediary. Under this Agreement: (a) The Intermediary shall act in an honest, correct and professional way, in accordance with the Client’s best interest; (b) The Intermediary shall execute the Client’s orders as such, provided they do not contravene the legal regulations in force and the provisions set herein; (c) The Intermediary has the obligation to open with the Central Depositary securities accounts for the Client that does not use the services of a custodian agent, and to perform the activities necessary to operate and maintain such accounts. The Intermediary is not responsible for updating the data of the Client’s account if the Client has not communicated to the Intermediary the modification of such data and the relevant supporting documents. (d) The Intermediary has the obligation to open, operate and maintain in its own books a dedicated account in ▇▇▇, separated from its own accounts and from the accounts of other clients, in order to record therein the Client’s funds and to make the payments and receipts corresponding to financial instruments operations. The dedicated account will be opened by the Intermediary after the Client has filled in and signed the Application for the opening of a dedicated account, attached hereto. (e) The Intermediary has the obligation to use the amounts deposited by the Client in the account exclusively dedicated to the execution of orders and the guarantee of the Client’s transactions. (f) The Intermediary is under the obligation of keeping records of all the instructions and orders received, of the transactions and documents that generate a modification of the positions in the Client’s cash and financial instruments accounts; (g) The Intermediary shall provide the Client, once a year, at the beginning of the first month, with a report on all the transactions made the previous year or, on the Client’s specific request, with a full report on a certain transaction/all the transactions made during the time span indicated according to the provisions of art. 7.3; (h) The Intermediary shall transmit to the Client the information regarding the latter’s investment activity, meaning:i) the order execution confirmation form, which will be transmitted within 24 hours as of the transaction time; ii) the Client reporting form (Portfolio), to be sent on a monthly basis or at any time the Client requests it; iii) the statement of account, to be sent to the Client on a monthly basis or at any time the Client requests it; (i) The Intermediary shall transfer to the Client, within 3 business days since the latter’s request, the available amounts deposited with the Intermediary, less the amounts to be used for the finalisation of the transactions in execution ordered by the Client, the fees and other amounts due by the Client hereunder, if the parties have not agreed on another way of extinguishing such debts; (j) The Intermediary shall take all technical and organisational measures to keep the confidentiality of the data and information on the Client, as well as to protect them against any accidental or illegal destruction, loss, alteration, unauthorized access or illegal processing; (k) The Intermediary shall communicate to the Client any change in its identification and contact data. RIGHTS AND OBLIGATIONS OF THE CLIENT