Common use of Acceptance of New Accounts Clause in Contracts

Acceptance of New Accounts. Broker shall be responsible for opening and approving new accounts in compliance with the Rules. 5.1.1 Pershing reserves the right to reject any account which the Broker may forward to Pershing as a potential new account. Pershing also reserves the right to terminate any account previously accepted by it as a new account. 5.1.2 At the time of the opening of any new account, the Broker must obtain sufficient information from its customer to satisfy itself as to the identify of its client and the source of its funds to satisfy itself that opening the account would not violate the provisions of various Executive Orders and regulations issued thereunder by the Office of Foreign Assets Control (OFAC), which enforces economic and trade sanctions against foreign countries and their agents, terrorism sponsoring agencies and organizations and international narcotics traffickers.

Acceptance of New Accounts. Broker shall be responsible for opening and -------------------------- approving new accounts in compliance with the Rules. 5.1.1 Pershing reserves the right to reject any account which the Broker may forward to Pershing as a potential new account. Pershing also reserves the right to terminate any account previously accepted by it as a new account. 5.1.2 At the time of the opening of any new account, the Broker must obtain sufficient information from its customer to satisfy itself as to the identify of its client and the source of its funds to satisfy itself that opening the account would not violate the provisions of various Executive Orders and regulations issued thereunder there under by the Office of Foreign Assets Control (OFAC), which enforces economic and trade sanctions against foreign countries and their agents, terrorism sponsoring agencies and organizations and international narcotics traffickers.