Common use of Supervisory Responsibility Clause in Contracts

Supervisory Responsibility. (i) Correspondent shall have the sole and exclusive responsibility for the review of all Introduced Accounts and for compliance with any supervisory responsibilities under Rule 405(2) of the Rules, including but not otherwise limited to matters involving the investment objectives of the Introduced Accounts, the reasonable basis for recommendations made to Introduced Accounts, and the frequency of trading in the Introduced Accounts, whether or not such transactions are instituted by the Correspondent, its partners, officers, employees or any registered investment advisor. (ii) The Correspondent and CSC shall each be responsible for compliance with any supervisory procedures under Rule 342 of the Rules and, to the extent applicable, any other provisions of the Laws and Regulations, including but not otherwise limited to supervising the activities and training of their respective registered representatives, as well as all of their other respective employees in the performance of functions specifically allocated to them pursuant to the terms of this Agreement.

Supervisory Responsibility. (i) Correspondent shall have the sole and exclusive responsibility for the review of all Introduced Accounts and for compliance with any supervisory responsibilities under Rule 405(2) of the Rules, including but not otherwise limited to matters involving the investment objectives of the Introduced Accounts, the reasonable basis for recommendations made to Introduced Accounts, and the frequency of trading in the Introduced Accounts, whether or not such transactions are instituted by the Correspondent, its partners, officers, employees or any registered investment advisor.its (ii) The Correspondent and CSC shall each be responsible for compliance with any supervisory procedures under Rule 342 of the Rules and, to the extent applicable, any other provisions of the Laws and Regulations, including but not otherwise limited to supervising the activities and training of their respective registered representatives, as well as all of their other respective employees in the performance of functions specifically allocated to them pursuant to the terms of this Agreement.