Suspension or Restriction. In the event that Correspondent learns that Correspondent or any of its affiliates or executive officers becomes subject to revocation, suspension, bar, injunction, restriction, consent decree, cease-and-desist order, or other formal disciplinary action by the SEC, the Financial Industry Regulatory Authority (“FINRA”), or any other regulatory or governmental body having jurisdiction over Correspondent or such affiliate or executive officer, Correspondent shall notify Ridge promptly and, in addition to such other rights and remedies as Ridge may have under this Agreement and the Applicable Laws and Rules, Correspondent authorizes Ridge to take such reasonable steps as Ridge determines, in its sole and exclusive discretion, may be necessary or advisable for Ridge to be in compliance with the Applicable Laws and Rules. Correspondent further authorizes Ridge, in such event, to comply with requests, directives or demands made upon Ridge by any such exchange or regulatory body. In connection with such requests, directives or demands, Ridge may seek advice or legal counsel.
Appears in 2 contracts
Sources: Fully Disclosed Clearing Agreement (Broadpoint Securities Group, Inc.), Fully Disclosed Clearing Agreement (Broadpoint Securities Group, Inc.)