Transfers to Other Accounts. The Brokers may at any time and from time to time take any monies or securities in the Account and any proceeds from the sale or other disposition of such securities to pay or cover any obligations of the Client to the Broker including obligations of the Client in respect of any other Account with the Brokers, whether such account is a joint account, or is an account guaranteed by the Client. In certain situations the Brokers may act as “principal” in a transaction with the Client. In these situations the Client is either buying or selling directly with the Brokers as the other party to the transaction. For example, where the Client completes a purchase or sale of a financial instrument or a security which is denominated in a currency different from that in which their account is maintained, the Brokers will sell to the Client the required currency to complete the transaction. The Brokers will use their then prevailing rates for the buying or selling (as applicable) of the necessary foreign currency. Conversion of currency, if required, will take place on the trade date unless otherwise agreed. Similarly, where the Client is purchasing or selling a debt security which is not traded on an exchange, the Brokers may complete that transaction by selling to or buying from the Client that debt security. These are examples only and there may be other transactions that the Client participates in with the Brokers where the Brokers act as principal. In these situations the Brokers may earn profits, in addition to any other commission which is earned on the transaction, from acting as principal, based upon the difference between the price at which the Brokers complete the transaction with the Client and any prior or subsequent transaction that the Brokers undertake to acquire or dispose of the currency, financial instrument or other security. Foreign exchange rates and costs are subject to market fluctuations which could increase the risk of holding securities denominated in foreign currencies for the Client. GCLP is the investment fund manager and portfolio manager of certain prospectused mutual funds (the “Funds”), and Worldsource is the principal distributor of those Funds. GCLP and Worldsource are affiliates, as both firms are wholly-owned by Guardian Capital Group Limited (“GCGL”). Specific series of units of the Funds may be made exclusively available to clients of a strategic partner of Worldsource, including credit unions (each, a “Credit Union Partner”). Certain advisors employed by a Credit Union Partner are also registered as dealing representatives of Worldsource and act as agent for Worldsource in the distribution of securities. In such cases Worldsource pays commissions generated from the sale of the Funds to the Credit Union Partner, which in turn pays compensation to the applicable advisor. GCLP may also enter into revenue- sharing arrangements with respect to certain Funds with Credit Union Partners who employ dealing representatives of Worldsource. Dealing representatives will not be party to revenue-sharing arrangements nor will they receive incentives for recommending or selling the Funds over other mutual funds.
Appears in 1 contract
Sources: Client Account Agreement
Transfers to Other Accounts. The Brokers may at any time and from time to time take any monies or securities in the Account and any proceeds from the sale or other disposition of such securities to pay or cover any obligations of the Client to the Broker including obligations of the Client in respect of any other Account with the Brokers, whether such account is a joint account, or is an account guaranteed by the Client. In certain situations the Brokers may act as “principal” in a transaction with the Client. In these situations the Client is either buying or selling directly with the Brokers as the other party to the transaction. For example, where the Client completes a purchase or sale of a financial instrument or a security which is denominated in a currency different from that in which their account is maintained, the Brokers will sell to the Client the required currency to complete the transaction. The Brokers will use their then prevailing rates for the buying or selling (as applicable) of the necessary foreign currency. Conversion of currency, if required, will take place on the trade date unless otherwise agreed. Similarly, where the Client is purchasing or selling a debt security which is not traded on an exchange, the Brokers may complete that transaction by selling to or buying from the Client that debt security. These are examples only and there may be other transactions that the Client participates in with the Brokers where the Brokers act as principal. In these situations the Brokers may earn profits, in addition to any other commission which is earned on the transaction, from acting as principal, based upon the difference between the price at which the Brokers complete the transaction with the Client and any prior or subsequent transaction that the Brokers undertake to acquire or dispose of the currency, financial instrument or other security. Foreign exchange rates and costs are subject to market fluctuations which could increase the risk of holding securities denominated in foreign currencies for the Client. GCLP is the investment fund manager and portfolio manager of certain prospectused mutual funds (the “Funds”), and Worldsource is the principal distributor of those Funds. GCLP and Worldsource are affiliates, as both firms are wholly-owned by Guardian Capital Group Limited (“GCGL”). Specific series of units of the Funds may be made exclusively available to clients of a strategic partner of Worldsource, including credit unions (each, a “Credit Union Partner”). Certain advisors employed by a Credit Union Partner are also registered as dealing representatives of Worldsource and act as agent for Worldsource in the distribution of securities. In such cases Worldsource pays commissions generated from the sale of the Funds to the Credit Union Partner, which in turn pays compensation to the applicable advisor. GCLP may also enter into revenue- sharing arrangements with respect to certain Funds with Credit Union Partners who employ dealing representatives of Worldsource. Dealing representatives will not be party to revenue-sharing arrangements nor will they receive incentives for recommending or selling the Funds over other mutual funds.
Appears in 1 contract
Sources: Client Account Agreement