Late Trading. You will accept no orders for the purchase and redemption of Fund shares after 4:00 p.m. Eastern time on any Business Day. For the purposes hereof, a “Business Day” shall mean any day on which the New York Stock Exchange is open for trading and on which a Fund calculates its net asset value pursuant to the rules of the Securities and Exchange Commission (hereinafter, the “SEC”), as amended from time to time, subject to such terms and conditions as may be set forth in the registration statements for the Funds as filed with the SEC, as the same shall be amended from time to time.
Late Trading. Nationwide certifies that it is, and at all times during the term of this Agreement shall be, following all relevant rules and regulations, as well as internal policies and procedures, regarding “forward pricing” and the handling of mutual fund orders on a timely basis. As evidence of its compliance, Nationwide shall at its own election provide one of the following upon Company’s request, provided such election adequately addresses the concerns of the Company:
Late Trading. Service Provider certifies that it is, and at all times during the term of this Agreement shall be, following all relevant rules and regulations, as well as internal policies and procedures, regarding “forward pricing” and the handling of mutual fund orders on a timely basis. As evidence of its compliance, Service Provider shall:
(a) permit Janus Services or its agent to audit its operations, as well as any books and records preserved in connection with its provision of services under this Agreement; or
(b) provide annual certification to Janus Services that it is following all relevant rules, regulations, and internal policies and procedures regarding “forward pricing” and the handling of mutual fund orders on a timely basis.
Late Trading. Late trading is understood to mean the acceptance of a subscription, ex- change, or repurchase request received after the acceptance deadline for such orders (cut-off time) of the respective day for execution at the price that is based on the applicable net asset value on that day. Late trading al- lows investors to benefit from their awareness of events or information pub- lished after the acceptance deadline for orders but that are not yet factored into the price at which the investor's order is executed. Thus, such investors have an advantage over investors who complied with the official deadline. Such investors stand to gain even more if they can combine late trading with market timing.
Late Trading. The Company certifies that it is, and at all times during the term of this Agreement shall be, following all relevant rules and regulations, as well as internal policies and procedures, regarding "forward pricing" and the handling of mutual fund orders on a timely basis. As evidence of its compliance, the Company shall: upon written request provide annual certification to the Distributor that it is following all relevant rules, regulations, and internal policies and procedures regarding "forward pricing" and the handling of mutual fund orders on a timely basis.
Late Trading. Service Provider certifies that it is following all relevant rules and regulations, as well as internal policies and procedures, regarding "forward pricing" and the handling of mutual fund orders on a timely basis. As evidence of its compliance, Service Provider shall:
(a) permit Janus Services, Distributor or their agents to audit its operations, as well as any books and records preserved in connection with its provision of services under this Agreement;
(b) provide Janus Services or Distributor with the results of a Statement on Auditing Standards No. 70 (SAS 70) review or similar report of independent auditors as soon as practicable following execution of this Agreement; or
(c) provide annual certification to Janus Services or Distributor that it is following all relevant rules, regulations, and internal policies and procedures regarding "forward pricing" and the handling of mutual fund orders on a timely basis.
Late Trading. Late trading is the acceptance of an application for subscriptions, conversions or redemptions received after the cut-off time for applications for that specific day provided that the execution of such application is at a price which is calculated and known at the time when this application is accepted. Late trading provides an investor with the possibility to benefit from the knowledge of events or information published after the cut- off time. Such investor therefore has an advantage over those investors who comply with the official cut- off time. This advantage is even more marked when the investor combines late trading with market timing. Market timing is an arbitrage transaction in which an investor systematically subscribes, redeems or converts Units of the same Sub-Fund and/or the same Unit Class on a short-term basis, thereby exploiting time differences and/or errors or weaknesses in the system for calculating the net value of a fund and/or Unit Class.
Late Trading. Service Provider represents that it has appropriate procedures and controls in place to ensure that only trades received before the Close of Trading on any day that the NYSE is open for business and before the net asset values of the Funds were priced in accordance with their then current prospectus are transmitted to the Company for execution on that day; Service Provider regularly audits adherence to those controls and procedures; conducts an independent audit of those controls and procedures periodically; and agrees to make available to the Company a copy of the most recent independent audit report upon request. The foregoing provisions regarding receipt of instructions shall be effective only to the extent consistent with then currently effective state and federal securities laws and regulations ("Regulations"). In the event new Regulations regarding receipt of instructions for purchase and redemption requests are adopted, this Agreement shall be deemed amended, effective upon the effective date of the Regulations, to the extent necessary to comply with the Regulations. TOUCHSTONE ADVISORS, INC. Confidential 1/7/2013 Touchstone Funds PAGE 13 OF 14 Servicing Agreement EXHIBIT C - FEE CAPITALIZED TERMS USED IN THIS EXHIBIT HAVE THE MEANINGS GIVEN THEM IN THE AGREEMENT TO WHICH THIS EXHIBIT IS ATTACHED (THE "AGREEMENT'). The Company shall pay, or cause an affiliate or its transfer agent to pay to Service Provider the following fees, as shown by the parties' initials next to the applicable provision:
1. With respect to any Fund that offers shares for which a Plan has been adopted under Rule 12b-1 (a "12b-1 Pian") of the Investment Company Act of 1940 or a Shareholder Servicing Plan, Service Provider is entitled to receive a Fee with respect to each such Fund on all open positions held in an omnibus account(s) (i) where Service Provider is the Broker Dealer of Record or (ii) where beneficial Fund shareholder is a Service Provider Customer and there is no Broker Dealer of Record. The fee shall be computed daily and paid quarterly in arrears, equal to the basis points specified in Exhibit A applied to the average daily value of the total number of shares of such Fund held in accounts at the Service Provider. Service Provider shall forward the Fund and Company such information as may be reasonably requested by the Fund or its directors or trustees or by Company with respect to 12b-1 Plan fees or Shareholder Servicing Fees paid under this Agreement.
2. The Comp...
Late Trading. Under Late Trading the acceptance of a subscription, conversion or re- demption order means one which is received after the cut-off time and its execution at the price based on the net asset value valid on that day. An investor can gain an advantage through Late Trading with the knowledge of events or information which is revealed after the application closing time but is not yet reflected in the price according to which the investor's order is charged. This investor therefore has an advantage against investors who have adhered to the official cut-off time. The advantage of this inves- tor is even greater if he combiners Late Trading with Market Timing. Under Market Timing the arbitration process is that by which an investor, for a short term, systematically Subscribes to, sells back or converts shares of the same UCITS or share class and uses the time difference and/or problems or weaknesses of the system in calculating the net asset value of the UCITS or the share class. The management company must ensure that domestic sales agencies are obliged vis-a-vis the management company to observe the Duty of Care laws of the Principality of Liechtenstein and the related Duty of Care reg- ulation, as well as the FMA guidelines in the current version. If the domestic sales agencies accept money from investors, being subject to due diligence, they are obliged to identify the subscriber, to determine the economic beneficiary, to create a profile of the business relationship and to observe all valid local regulations to prevent money-laundering. Furthermore the sales agencies and their outlets must also observe all regulations to prevent money-laundering and the financing of terrorism that are in force in the relevant countries of sale.
Late Trading. Service Provider certifies that it is, and at all times during the term of this Agreement shall be, following all relevant rules and regulations, as well as internal policies and procedures, regarding "forward pricing" and the handling of mutual fund orders on a timely basis. As evidence of its compliance, Service Provider shall:
(a) permit Janus Services, the Distributor or their agents to audit its operations, as well as any books and records preserved in connection with its provision of services under this Agreement;
(b) provide Janus Services or the Distributor with the results of a Statement on Auditing Standards No. 70 (SAS 70) review or similar report of independent auditors as soon as practicable following execution of this Agreement; or
(c) provide annual certification to Janus Services or the Distributor that it is following all relevant rules, regulations, and internal policies and procedures regarding "forward pricing" and the handling of mutual fund orders on a timely basis.
