Account Protection. As a member of the Securities Investor Protection Corporation (SIPC), funds are available to meet customer claims up to a ceiling of $500,000, including a maximum of $250,000 for cash claims. For additional information regarding SIPC coverage, including a brochure, please contact SIPC at (000) 00000000 or visit xxx.xxxx.xxx. Apex has purchased an additional insurance policy through a group of London Underwriters (with Xxxxx'x of London Syndicates as the Lead Underwriter) to supplement SIPC protection. This additional insurance policy becomes available to customers in the event that SIPC limits are exhausted and provides protection for securities and cash up to an aggregate of $600 million. This is provided to pay amounts in addition to those returned in a SIPC liquidation. This additional insurance policy is limited to a combined return to any customer from a Trustee, SIPC and London Underwriters of $150 million, including cash of up to $2.15 million. Similar to SIPC protection, this additional insurance does not protect against a loss in the market value of securities. THE CUSTOMER AGREES TO ALL TERMS OF THIS CUSTOMER MARGIN AND SHORT ACCOUNT AGREEMENT AND ACKNOWLEDGES THE FOLLOWING: (1) THAT THE CUSTOMER’S MARGIN ACCOUNT SECURITIES MAY BE BORROWED BY YOU OR LOANED TO OTHERS; (2) RECEIPT OF A COPY OF THIS AGREEMENT AND A COPY OF THE MARGIN DISCLOSURE STATEMENT; AND (3) THAT THIS AGREEMENT CONTAINS A PREADISPUTE ARBITRATION CLAUSE ON PAGE 1, PARAGRAPH 10 AND IN ACCORDANCE WITH THIS AGREEMENT THE CUSTOMER AGREES IN ADVANCE TO ARBITRATE ANY CONTROVERSIES WHICH MAY ARISE BETWEEN THE CUSTOMER, INTRODUCING BROKER AND/OR YOU. Apex IRA Agreement for Limited Margin & Options Capabilities This Agreement for Limited Margin And Option Privileges (“Limited Margin Agreement”) sets forth the terms and conditions under which your broker (“Introducing Broker”) engages Apex Clearing Corporation (“Apex”) to provide limited margin services and options trading to the undersigned customer (“Customer”) in its individual retirement account at Apex. If you are a direct customer of Apex, “Introducing Broker” may also be Apex, in which instance “Introducing Broker” and “Apex” shall be read as the same entity. This Limited Margin Agreement shall be in addition to, and read in conjunction with, the new account application, the IRA Agreement, and all other agreements (individually and collectively, the “Customer Agreement”) governing Customer’s individual retirement account(s) (“IRA”) at Apex. In the event of any inconsistency between this Limited Margin Agreement and the Customer Agreement, the Limited Margin Agreement shall control. MARGIN 1. Customer acknowledges and agrees that no extension of credit or margin borrowing will be made available in the IRA. Customer shall not have debit balances, short sell, borrow funds, or sell naked options in their IRA. To the extent any short or debit position occurs in Customer’s IRA, Customer authorizes Apex to immediately cover such short or debit position with other assets from the IRA or from another of Customer’s IRAs at Apex, including to, where reasonably necessary in Apex’s discretion, liquidate positions in the IRA or another IRA at Apex. Customer understands that deposits used to cover debits are bound by IRS limits for annual contributions, unless rolled over or transferred from another like registered IRA. 2. Customer agrees that, in their sole discretion, Apex or Introducing Broker may require a limited minimum equity or asset value in Customer’s IRA in order for it to be granted limited margin privileges. Customer understands it is solely responsible for ensuring that sufficient assets are maintained in the IRA to cover all possible obligations, including limited minimum equity. Apex may refuse or disable limited margin or options privileges in any IRA at any time, in its sole discretion and without notice to Customer or Introducing Broker. Customer understands that available cash for purchases in the IRA may be limited due to amounts needed to satisfy minimum equity requirements at Apex’s and/or Introducing Broker’s sole discretion. Customer shall be subject to all obligations and restrictions in the Customer Agreement and nothing in this Limited Margin Agreement shall be construed as in any way reducing or restricting such obligations and restrictions. 3. It shall be Customer’s, and not Apex’s or Introducing Broker’s, responsibility to ensure transactions do not result in excess obligations in the IRA. Customer understands and agrees that if Customer fails to hold sufficient assets in the IRA to cover its obligations that it may result in a taxable distribution from the IRA and cause tax consequences to Customer. Customer holds harmless Apex and Introducing Broker from any such distributions caused by Customer’s failure to hold sufficient assets in the IRA and agrees Apex and Introducing Broker shall not be responsible for Customer’s failure to hold sufficient assets in the IRA. 4. Customer acknowledges and agrees that investing using limited margin in Customer’s IRA entails extreme risk. Customer acknowledges that its decision to utilize limited margin and options privileges are solely Customer’s decision and Apex has in no way solicited Customer to use limited margin in any way. Customer acknowledges and agrees Apex is in no way responsible for determining the suitability or appropriateness of limited margin or of any trades utilizing limited margin in the IRA. Customer acknowledges and agrees Apex is not a fiduciary and does not make recommendations of any securities, investments, investment or portfolio strategy, trades, or trade activity. OPTIONS 5. Customer has requested Apex to allow Customer to trade options in the IRA. Apex may allow such transactions in Apex’s sole discretion. “Options”, as used herein, shall mean all types of options and option contracts, including puts, calls, equity, debt, index or otherwise. Customer shall not act alone or in concert with others exceed the position/exercise limits set forth by any exchange or market or by any other regulatory authority having jurisdiction.
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Samples: Investment Advisory Agreement, Axos Invest Portfolio Plus Package Terms and Conditions
Account Protection. As a member of the Securities Investor Protection Corporation (SIPC), funds are available to meet customer claims up to a ceiling of $500,000, including a maximum of $250,000 for cash claims. For additional information regarding SIPC coverage, including a brochure, please contact SIPC at (000) 00000000 or visit xxx.xxxx.xxx. Apex has purchased an additional insurance policy through a group of London Underwriters (with Xxxxx'x Xxxxx’x of London Syndicates as the Lead Underwriter) to supplement SIPC protection. This additional insurance policy becomes available to customers in the event that SIPC limits are exhausted and provides protection for securities and cash up to an aggregate of $600 million. This is provided to pay amounts in addition to those returned in a SIPC liquidation. This additional insurance policy is limited to a combined return to any customer from a Trustee, SIPC and London Underwriters of $150 million, including cash of up to $2.15 million. Similar to SIPC protection, this additional insurance does not protect against a loss in the market value of securities. BY SIGNING BELOW, THE CUSTOMER AGREES TO ALL TERMS OF THIS CUSTOMER MARGIN AND SHORT ACCOUNT AGREEMENT AND ACKNOWLEDGES THE FOLLOWING: :
(1) THAT THE CUSTOMER’S MARGIN ACCOUNT SECURITIES MAY BE BORROWED BY YOU OR LOANED TO OTHERS; (2) RECEIPT OF A COPY OF THIS AGREEMENT AND A COPY OF THE MARGIN DISCLOSURE STATEMENT; AND (3) THAT THIS AGREEMENT CONTAINS A PREADISPUTE ARBITRATION CLAUSE ON PAGE 1, PARAGRAPH 10 AND IN ACCORDANCE WITH THIS AGREEMENT THE CUSTOMER AGREES IN ADVANCE TO ARBITRATE ANY CONTROVERSIES WHICH MAY ARISE BETWEEN THE CUSTOMER, INTRODUCING BROKER AND/OR YOU. Apex IRA Agreement for Limited Margin & Options Capabilities This Agreement for Limited Margin And Option Privileges (“Limited Margin Agreement”) sets forth the terms and conditions under which your broker (“Introducing Broker”) engages Apex Clearing Corporation (“Apex”) to provide limited margin services and options trading to the undersigned customer (“Customer”) in its individual retirement account at Apex. If you are a direct customer of Apex, “Introducing Broker” may also be Apex, in which instance “Introducing Broker” and “Apex” shall be read as the same entity. This Limited Margin Agreement shall be in addition to, and read in conjunction with, the new account application, the IRA Agreement, and all other agreements (individually and collectively, the “Customer Agreement”) governing Customer’s individual retirement account(s) (“IRA”) at Apex. In the event of any inconsistency between this Limited Margin Agreement and the Customer Agreement, the Limited Margin Agreement shall control. MARGIN
1. Customer acknowledges and agrees that no extension of credit or margin borrowing will be made available in the IRA. Customer shall not have debit balances, short sell, borrow funds, or sell naked options in their IRA. To the extent any short or debit position occurs in Customer’s IRA, Customer authorizes Apex to immediately cover such short or debit position with other assets from the IRA or from another of Customer’s IRAs at Apex, including to, where reasonably necessary in Apex’s discretion, liquidate positions in the IRA or another IRA at Apex. Customer understands that deposits used to cover debits are bound by IRS limits for annual contributions, unless rolled over or transferred from another like registered IRA.
2. Customer agrees that, in their sole discretion, Apex or Introducing Broker may require a limited minimum equity or asset value in Customer’s IRA in order for it to be granted limited margin privileges. Customer understands it is solely responsible for ensuring that sufficient assets are maintained in the IRA to cover all possible obligations, including limited minimum equity. Apex may refuse or disable limited margin or options privileges in any IRA at any time, in its sole discretion and without notice to Customer or Introducing Broker. Customer understands that available cash for purchases in the IRA may be limited due to amounts needed to satisfy minimum equity requirements at Apex’s and/or Introducing Broker’s sole discretion. Customer shall be subject to all obligations and restrictions in the Customer Agreement and nothing in this Limited Margin Agreement shall be construed as in any way reducing or restricting such obligations and restrictions.
3. It shall be Customer’s, and not Apex’s or Introducing Broker’s, responsibility to ensure transactions do not result in excess obligations in the IRA. Customer understands and agrees that if Customer fails to hold sufficient assets in the IRA to cover its obligations that it may result in a taxable distribution from the IRA and cause tax consequences to Customer. Customer holds harmless Apex and Introducing Broker from any such distributions caused by Customer’s failure to hold sufficient assets in the IRA and agrees Apex and Introducing Broker shall not be responsible for Customer’s failure to hold sufficient assets in the IRA.
4. Customer acknowledges and agrees that investing using limited margin in Customer’s IRA entails extreme risk. Customer acknowledges that its decision to utilize limited margin and options privileges are solely Customer’s decision and Apex has in no way solicited Customer to use limited margin in any way. Customer acknowledges and agrees Apex is in no way responsible for determining the suitability or appropriateness of limited margin or of any trades utilizing limited margin in the IRA. Customer acknowledges and agrees Apex is not a fiduciary and does not make recommendations of any securities, investments, investment or portfolio strategy, trades, or trade activity. OPTIONS
5. Customer has requested Apex to allow Customer to trade options in the IRA. Apex may allow such transactions in Apex’s sole discretion. “Options”, as used herein, shall mean all types of options and option contracts, including puts, calls, equity, debt, index or otherwise. Customer shall not act alone or in concert with others exceed the position/exercise limits set forth by any exchange or market or by any other regulatory authority having jurisdiction.
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Account Protection. As a member of the Securities Investor Protection Corporation (SIPC), funds are available to meet customer claims up to a ceiling of $500,000, including a maximum of $250,000 for cash claims. For additional information regarding SIPC coverage, including a brochure, please contact SIPC at (000) 00000000 000-0000 or visit xxx.xxxx.xxx. Apex has purchased an additional insurance policy through a group of London Underwriters (with Xxxxx'x of London Syndicates as the Lead Underwriter) to supplement SIPC protection. This additional insurance policy becomes available to customers in the event that SIPC limits are exhausted and provides protection for securities and cash up to an aggregate of $600 million. This is provided to pay amounts in addition to those returned in a SIPC liquidation. This additional insurance policy is limited to a combined return to any customer from a Trustee, SIPC and London Underwriters of $150 million, including cash of up to $2.15 million. Similar to SIPC protection, this additional insurance does not protect against a loss in the market value of securities. THE CUSTOMER AGREES TO ALL TERMS OF THIS CUSTOMER MARGIN AND SHORT ACCOUNT AGREEMENT AND ACKNOWLEDGES THE FOLLOWING: (1) THAT THE CUSTOMER’S MARGIN ACCOUNT SECURITIES MAY BE BORROWED BY YOU OR LOANED TO OTHERS; (2) RECEIPT OF A COPY OF THIS AGREEMENT AND A COPY OF THE MARGIN DISCLOSURE STATEMENT; AND (3) THAT THIS AGREEMENT CONTAINS A PREADISPUTE ARBITRATION CLAUSE ON PAGE 1We are furnishing this document to you to provide some basic facts about purchasing securities on margin, PARAGRAPH 10 AND IN ACCORDANCE WITH THIS AGREEMENT THE CUSTOMER AGREES IN ADVANCE TO ARBITRATE ANY CONTROVERSIES WHICH MAY ARISE BETWEEN THE CUSTOMERand to alert you to the risks involved with trading securities in a margin account. Before trading stocks in a margin account, INTRODUCING BROKER AND/OR YOUyou should carefully review the margin agreement provided by your broker. Apex IRA Agreement Please contact us at xxxxx://xxxxxxxxxxxx.xxx/Help/CustomerService.aspx or xxxxx://xxxxxxxxxx.xxx/public/mb/contactus.aspx regarding any questions or concerns you may have with your margin accounts. When you purchase securities, you may pay for Limited Margin & Options Capabilities This Agreement for Limited Margin And Option Privileges (“Limited Margin Agreement”) sets forth the terms and conditions under which your broker (“Introducing Broker”) engages securities in full or you may borrow part of the purchase price from our clearing firm, Apex Clearing Corporation (“Apex”) to provide limited margin services and options trading to the undersigned customer (“Customer”) in its individual retirement account at Apex). If you are a direct customer of choose to borrow funds from Apex, “Introducing Broker” may also be Apexyou will open a margin account. The securities purchased are the firm’s collateral for the loan to you. If the securities in your account decline in value, so does the value of the collateral supporting your loan, and as a result, we or Apex can take action, such as issue a margin call and/or sell securities in your account, in which instance “Introducing Broker” order to maintain the required equity in the account. It is important that you fully understand the risks involved in trading securities on margin. These risks include the following: • You can lose more funds than you deposit in the margin account. A decline in the value of securities that are purchased on margin may require you to provide additional funds to the firm that has made the loan to avoid forced sale of those securities or other securities in your account. • The firm can force the sale of securities in your account. If the equity in your account falls below the maintenance margin requirements under the law, or the firm’s higher house requirements, the firm can sell the securities in your account to cover the margin deficiency. You also will be responsible for any shortfall in the account after such a sale. • The firm can sell your securities without contacting you. Some investors mistakenly believe that a firm must contact them for a margin call to be valid, and “Apex” shall be read as that the same entityfirm cannot liquidate securities in their accounts to meet the call unless the firm has contacted them first. This Limited Margin Agreement shall be in addition tois not the case. Most firms will attempt to notify their customers of margin calls, but they are not required to do so. However, even if a firm has contacted a customer and read in conjunction withprovided a specific date by which the customer can meet a margin call, the new account application, the IRA Agreement, and all other agreements (individually and collectively, the “Customer Agreement”) governing Customer’s individual retirement account(s) (“IRA”) at Apex. In the event of any inconsistency between this Limited Margin Agreement and the Customer Agreement, the Limited Margin Agreement shall control. MARGIN
1. Customer acknowledges and agrees that no extension of credit or margin borrowing will be made available in the IRA. Customer shall not have debit balances, short sell, borrow funds, or sell naked options in their IRA. To the extent any short or debit position occurs in Customer’s IRA, Customer authorizes Apex firm can still take necessary steps to immediately cover such short or debit position with other assets from the IRA or from another of Customer’s IRAs at Apexprotect its financial interest, including to, where reasonably necessary in Apex’s discretion, liquidate positions in immediately selling the IRA or another IRA at Apex. Customer understands that deposits used to cover debits are bound by IRS limits for annual contributions, unless rolled over or transferred from another like registered IRA.
2. Customer agrees that, in their sole discretion, Apex or Introducing Broker may require a limited minimum equity or asset value in Customer’s IRA in order for it to be granted limited margin privileges. Customer understands it is solely responsible for ensuring that sufficient assets are maintained in the IRA to cover all possible obligations, including limited minimum equity. Apex may refuse or disable limited margin or options privileges in any IRA at any time, in its sole discretion and securities without notice to Customer the customer. • You are not entitled to choose which security in your margin account is liquidated or Introducing Brokersold to meet a margin call. Customer understands that available cash Because the securities are collateral for purchases the margin loan, the firm has the right to decide which security to sell in the IRA may be limited due order to amounts needed protect its interests. • The firm can increase its house maintenance margin requirement at any time and is not required to satisfy minimum equity requirements at Apex’s and/or Introducing Broker’s sole discretionprovide you advance written notice. Customer shall be subject to all obligations These changes in firm policy often take effect immediately and restrictions in the Customer Agreement and nothing in this Limited Margin Agreement shall be construed as in any way reducing or restricting such obligations and restrictions.
3. It shall be Customer’s, and not Apex’s or Introducing Broker’s, responsibility to ensure transactions do not result in excess obligations in the IRA. Customer understands and agrees that if Customer fails to hold sufficient assets in the IRA to cover its obligations that it may result in the issuance of a taxable distribution from the IRA and cause tax consequences to Customermaintenance margin call. Customer holds harmless Apex and Introducing Broker from any such distributions caused by Customer’s Your failure to hold sufficient assets satisfy the call may cause the member to liquidate or sell securities in the IRA and agrees Apex and Introducing Broker shall your account. • You are not entitled to an extension of time on a margin call. While an extension of time to meet margin requirements may be responsible for Customer’s failure available to hold sufficient assets in the IRA.
4. Customer acknowledges and agrees that investing using limited margin in Customer’s IRA entails extreme risk. Customer acknowledges that its decision to utilize limited margin and options privileges are solely Customer’s decision and Apex has in no way solicited Customer to use limited margin in any way. Customer acknowledges and agrees Apex is in no way responsible for determining the suitability or appropriateness of limited margin or of any trades utilizing limited margin in the IRA. Customer acknowledges and agrees Apex is not customers under certain conditions, a fiduciary and customer does not make recommendations have a right to the extension. • The IRS requires Broker Dealers to treat dividend payments on loaned securities positions as a substitute payment in lieu of any securitiesa dividend. A substitute payment is not, investmentsa qualified dividend and is taxed as ordinary income. • Industry regulations may limit, investment in whole or portfolio strategyin part, tradesyour ability to exercise voting rights of securities that have been lent or pledged to others. You may receive proxy materials indicating voting rights for a fewer number of shares than are in your account, or trade activityyou may not receive any proxy materials. OPTIONS
5The following Disclosure of Credit Terms and Policies is required by the Securities and Exchange Commission and is part of your Customer Account Agreement. Customer has requested It describes the terms under which Apex to allow Customer to trade options extends credit and charges interest and how your obligations are secured by property in the IRA. Apex may allow such transactions in Apex’s sole discretion. “Options”, as used herein, shall mean all types of options and option contracts, including puts, calls, equity, debt, index or otherwise. Customer shall not act alone or in concert with others exceed the position/exercise limits set forth by any exchange or market or by any other regulatory authority having jurisdictionyour Account.
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