Common use of General Partners' Responsibility Clause in Contracts

General Partners' Responsibility. Each General Partner shall be responsible and accountable to the Partnership’s or any of its Affiliate’s clients for the rendering of such General Partner’s services. No General Partner, regardless of title or position with the Partnership shall (a) be responsible, liable or accountable to the Partnership’s or any of its Affiliate’s clients for any other Partner’s rendering of services to the Partnership’s or any of its Affiliate’s clients or (b) have the right or obligation of direct supervision and/or control (except as otherwise mandated by the Securities Exchange Act, the rules and regulations promulgated thereunder and comparable state securities laws and the rules of FINRA and other applicable federal, state or other securities industry self-regulatory organization) of another Partner.

General Partners' Responsibility. Each General Partner shall be responsible and accountable to the Partnership’s or any of its Affiliate’s clients for the rendering of such General Partner’s services. No General Partner, regardless of title or position with the Partnership shall (a) be responsible, liable or accountable to the Partnership’s or any of its Affiliate’s clients for any other Partner’s rendering of services to the Partnership’s or any of its Affiliate’s clients or (b) have the right or obligation of direct supervision and/or control (except as otherwise mandated by the Securities Exchange ActAct of 1934, as amended, the rules and regulations promulgated thereunder and comparable state securities laws and the rules of FINRA and other applicable federal, state or other securities industry self-regulatory organization) of another Partner.

General Partners' Responsibility. Each General Partner shall be responsible and accountable to the Partnership’s or any of its Affiliate’s customers and clients for the rendering of such General Partner’s services. No other General Partner, regardless of title or position with the Partnership shall (a) be responsible, liable or accountable to the Partnership’s or any of its Affiliate’s customers and clients for any other Partner’s rendering of services to the Partnership’s customers or any of its Affiliate’s clients or (b) have the right or obligation of direct supervision and/or and control (except as otherwise mandated by the Securities Exchange ActAct of 1934, as amended, the rules and regulations promulgated thereunder and comparable state securities laws and the rules of FINRA and other applicable federal, state or other securities industry self-regulatory organization) of another PartnerPartner while such other Partner is rendering services on behalf of the Partnership.