Conflict between this Agreement and Applicable Regulations. If there is any conflict between a provision of this Agreement and any Applicable Regulation, the Broker Member shall be entitled to comply with such Applicable Regulation and shall not be in breach of its obligations under this Agreement. The Client agrees that the Broker Member may take or omit to take any action it considers necessary to comply with any Applicable Regulations and any action which the Broker Member takes or omits to take for the purpose of compliance with an Applicable Regulation including, without limitation, any liquidation, in whole or in part, of the Client’s positions shall not render the Broker Member or any of its directors, officers, employees or agents liable.
