Common use of Supervision of Orders and Accounts Clause in Contracts

Supervision of Orders and Accounts. Except as otherwise specified in this Agreement, Broker is solely responsible for the conduct of the Accounts, and ensuring that the transactions conducted therein are in compliance with Applicable Regulations. Such responsibility includes, but is not limited to: (i) using due diligence to learn and on a continuing basis to know the essential facts of each Customer, including verifying each Customer's identity and address(including any address changes), knowing all persons holding power of attorney over any Account, verifying the source of funds credited to each Account and being familiar with each order in any Account, and at all times to fully comply with the requirements of NYSE Rule 405 and the 2300 Series of the NASD Conduct Rules or comparable requirements of any other Applicable Regulations; (ii) selecting, investigating, training, and supervising all of its personnel who open, approve, authorize or otherwise handle transactions in the Accounts; (iii) establishing written procedures for the conduct of the Accounts and ongoing review of all transactions in Accounts, and maintaining compliance and supervisory personnel adequate to implement such procedures; (iv) handling of any discretionary accounts and the furnishing of any investment advice to any customer, including determining the suitability for each Customer of all transactions, including option transactions; (v) ensuring that there is a reasonable basis for all recommendations made to Customers; (vi) determining the appropriateness of the frequency of trading in Accounts; (vii) determining the authorization, legality and compliance with the Applicable Regulations of each transaction in the Account and reasonably ensuring that no transaction or Account is being used as a conduit for money laundering or other illicit purposes; (viii) handling any accounts for employees or officer of any broker-dealer, SRO or other financial institution, including compliance with NASD Conduct Rule 3050 and NYSE Rule 407; and (ix) obtaining and maintaining all documents necessary for the performance of Broker's responsibilities under this Agreement and retaining such documents in accordance with all Applicable Regulations. Broker agrees to obtain from Customer such additional information as BNYCS may require to comply with Applicable Regulations.

Supervision of Orders and Accounts. Except as otherwise specified in this AgreementAs between NFS and Correspondent, Broker is solely Correspondent will be responsible for the conduct of the reviewing, monitoring and supervising transactions, investments and other activity by every Customer and Account. Correspondent shall be responsible for ensuring that all transactions in and activities related to all Accounts opened by it with NFS, including discretionary Accounts, and ensuring that the transactions conducted therein are will be in compliance with Applicable Regulationsall applicable laws, rules and regulations of the United States, the several states, governmental agencies, securities exchanges, and the NASD, including any laws relating to Correspondent’s fiduciary responsibilities to Customers, either under the Employee Retirement Income Security Act of 1974 or otherwise. Such responsibility includesWithout limiting the foregoing obligations of Correspondent, but is not limited toCorrespondent shall be responsible for: (i) using due diligence to learn determining the suitability of all investments, investment strategies and on a continuing basis to know the essential facts of each Customertransactions, including verifying each Customer's identity option transactions, (ii) ensuring that there is a reasonable basis for all recommendations made to Customers, (iii) determining the appropriateness of the frequency of trading in Accounts, (iv) providing all required documents and address(including any address changesother disclosures to Customers, including but not limited to the Options Clearing Corporation disclosure document (where required), knowing all persons holding power and (v) compliance with the sales practice, disclosure and other requirements of attorney over Section 15(g) of the Exchange Act and the rules thereunder. In addition to the terms herein, Correspondent shall be responsible for ensuring that mutual fund transactions initiated by the Correspondent shall comply with Applicable Laws and Regulations, the terms of any Account, verifying the source of funds credited to each Account and being familiar with each order in any Accountapplicable prospectus or other governing documents, and at all times to fully comply with the requirements policy and procedures of NYSE Rule 405 NFS and the 2300 Series mutual fund or its service providers, including but not limited to matters relating to break point price eligibility, market timing, excessive or disruptive trading and trade cut-off times and related transaction pricing. Correspondent shall diligently supervise the activities of the NASD Conduct Rules or comparable requirements of any other Applicable Regulations; its officers, employees and representatives with respect to such Accounts. Correspondent shall be responsible for: (iii) selecting, investigating, training, and supervising all personnel of its personnel the Correspondent who open, approve, or authorize or otherwise handle Accounts and transactions in the Accounts; , (iiiii) establishing written procedures for the conduct of the reviewing activity in Accounts and ongoing review of all transactions in Accounts, and maintaining compliance and supervisory personnel adequate to implement such procedures; , and (iv) handling of any discretionary accounts and the furnishing of any investment advice to any customer, including determining the suitability for each Customer of all transactions, including option transactions; (viii) ensuring that there is a reasonable basis for all recommendations made each instruction given to Customers; (vi) determining the appropriateness of the frequency of trading in Accounts; (vii) determining the authorization, legality and compliance NFS with the Applicable Regulations of each transaction in the Account and reasonably ensuring that no transaction respect to any Customer or Account including but not limited to the acquisition, disposition or transfer of funds or securities shall be properly authorized by such Customer or Account. NFS reserves the right to reject any instruction unless such instruction is being used accompanied by such documentation as a conduit for money laundering or other illicit purposes; (viii) handling any accounts for employees or officer of any broker-dealer, SRO or other financial institution, including compliance with NASD Conduct Rule 3050 and NYSE Rule 407; and (ix) obtaining and maintaining all documents necessary for the performance of Broker's responsibilities under this Agreement and retaining such documents in accordance with all Applicable Regulations. Broker agrees to obtain from Customer such additional information as BNYCS may require to comply with Applicable RegulationsNFS deems appropriate.

Supervision of Orders and Accounts. Except as otherwise specified in this Agreement, Broker is solely responsible for the conduct of the Accounts, and ensuring that the transactions conducted therein are in compliance with Applicable Regulations. Such responsibility includes, but is not limited to: (i) all “know your customer” requirements and using due diligence to learn and on a continuing basis to know the essential facts of each Customer, including verifying each Customer's ’s identity and address(including address (including any address changes), knowing all persons holding power of attorney over any Account, verifying the source of funds credited to each Account and being familiar with each order in any Account, and at all times to fully comply with the requirements of NYSE Rule 405 and the 2300 Series of the NASD FINRA Conduct Rules or comparable requirements of any other Applicable Regulations; (ii) selecting, investigating, training, and supervising all of its personnel who open, approve, authorize or otherwise handle transactions in the Accounts; (iii) establishing written procedures for the conduct of the Accounts and ongoing review of all transactions in Accounts, and maintaining compliance and supervisory personnel adequate to implement such procedures; (iv) handling of any discretionary accounts and the furnishing of any investment advice to any customer, including determining the suitability for each Customer of all orders and transactions, including option transactions; (v) ensuring that there is a reasonable basis for all recommendations made to Customers; (vi) determining the appropriateness of the frequency of trading in Accounts; (vii) determining the authorization, legality and compliance with the Applicable Regulations of each transaction in the Account and reasonably ensuring that no transaction or Account is being used as a conduit for money laundering or other illicit purposesAccount; (viii) handling any accounts for employees or officer officers of any broker-dealer, SRO or other financial institution, including compliance with NASD FINRA Conduct Rule 3050 and NYSE Rule 407; and (ix) obtaining and maintaining all documents necessary for the performance of Broker's ’s responsibilities under this Agreement and retaining such documents in accordance with all Applicable Regulations. Broker agrees to obtain from any Customer and send to ConvergEx such additional information as BNYCS ConvergEx may require to comply with Applicable Regulations.