Common use of Preparation and Transmission Clause in Contracts

Preparation and Transmission. Apex will prepare and, to the extent required by the Rules, transmit to Customers monthly statements of account (or quarterly statements if no activity occurs in an account during any quarter covered by such statement), which statements shall meet Apex’ s requirements as to format and quality and will indicate that Correspondent is the introducing broker for the Account. Apex will be responsible for preparing and transmitting confirmations. Only upon prior written approval from Apex at Apex’s sole discretion and amendment of this Agreement, Apex may allow Correspondent to assume the responsibility of preparing and transmitting confirmations. including the responsibility for compliance with the provisions of SEC Rule 10b-10 under the Exchange Act and FINRA Rule 2232. Without explicit written approval of Apex and a corresponding amendment of this Agreement, which shall be in Apex’s sole discretion, Correspondent is prohibited from causing any deviation from Apex’s normal process for the preparation and transmission of statements and confirmations. Copies of all monthly or quarterly statements sent by Apex to Customers will be sent to Correspondent. Apex will also provide to Correspondent monthly statements of clearing services performed by Apex for Correspondent and Custon1er Accounts showing the fees charged for such services during the month, as provided in Section 8. Correspondent will have the ultimate responsibility for compliance with the prospectus delivery requirements of the Securities Act of 1933, as amended, regardless of its retention of a prospectus fulfillment service to perform delivery of same.