Supervision and Regulation Clause Samples
The Supervision and Regulation clause establishes the requirement for parties to comply with applicable laws, rules, and oversight from regulatory authorities relevant to the agreement. In practice, this means that each party must ensure their actions and operations under the contract adhere to standards set by government agencies or industry regulators, such as financial conduct authorities or environmental agencies. This clause is essential for maintaining legal compliance and mitigating the risk of regulatory breaches, thereby protecting both parties from potential penalties or legal disputes.
Supervision and Regulation. (a) The Bank is an insured institution subject to regulation and supervision by the Office of the Comptroller of the Currency (OCC), and BAMSI is a subsidiary of the Bank. Some of the services under this Agreement constitute bank services under 12 U.S.C. (S)1867(c). To the extent required by law or regulation, the parties will advise the OCC of the existence of this Agreement and will cooperate with any examination which the OCC may wish to conduct in connection with this Agreement or in connection with BAMSI's ongoing operations.
(b) This Section 10 will survive expiration or termination of this Agreement.
Supervision and Regulation. The Bank is an insured institution -------------------------- subject to regulation and supervision by the Office of the Comptroller of the Currency (the "OCC") and various of the services under this Agreement may constitute bank services under 12 U.S.C. (S)1867(c). To the extent required by law or regulation, the parties will advise the OCC of the existence of this Agreement and will cooperate with any examination which the OCC or any other governmental regulatory agency may conduct in connection with this Agreement or the services provided thereunder.
Supervision and Regulation. If any Member of the Company is an Insured Bank or the parent holding company of an Insured Bank, the books and records of the Company shall be subject to inspection and examination by examiners of any bank regulatory agency having supervisory jurisdiction over such Insured Bank and over any bank holding company of which such Insured Bank is a subsidiary, and the Manager shall make the books and records of the Company available to such agencies and their examiners upon request.
Supervision and Regulation. (a) The parties hereto acknowledge that HSBC Bank, directly or through the Servicer, has the right and the duty to supervise, monitor and review the Settlement Products Program activities that the Block Agents perform for HSBC Bank. The parties acknowledge and agree that HSBC Bank, directly or through the Servicer, shall have the right to access Block Company Offices in order to supervise, monitor, review and audit the Settlement Products Program activities of the Block Agents to ensure that such activities comply with HSBC Bank's policies and procedures for the Settlement Products Program and all Laws applicable to the Settlement Products Program, as provided in Section 11.3.
(b) The Block Agents acknowledge that the Applicable Federal Regulator has authority to regulate and examine, and to take enforcement action against, the Block Agents with respect to the Settlement Products Program activities that the Block Agents perform for HSBC Bank, to the fullest extent provided by Law. HSBC Bank and each of the Block Agents acknowledge that they are each subject to the control and supervision of the appropriate regional office and the Washington, D.C. headquarters of the Applicable Federal Regulator, with respect to the Settlement Products Program activities that the Block Agents perform for HSBC Bank. Each of the Block Agents acknowledges that it would be an "institution-affiliated party" (as defined in 12 U.S.C. Section 1818(b)) if, in connection with the Settlement Products Program, it knowingly or recklessly participated in a violation of Law, or an unsafe or unsound practice, that was likely to cause significant loss to, or have a materially adverse affect upon, HSBC Bank, and, in such case, would be subject to administrative enforcement action by the Applicable Federal Regulator.
Supervision and Regulation. The Bank and BANW are each an insured -------------------------- institution subject to regulation and supervision by the Office of the Comptroller of the Currency (the "OCC") and various of the Services and Additional Services may constitute bank services under 12 U.S.C. (S)1867(c). To the extent required by law or regulation, the parties will advise the OCC of the existence of this Agreement and will cooperate with any examination which the OCC or any other governmental regulatory agency may conduct in connection with this Agreement or the Services or the Additional Services provided thereunder.
Supervision and Regulation. 12 Section 9.3. Audit Rights........................................... 13 Section 9.4. Training Program....................................... 13 Section 9.5. Clarification.......................................... 14 Section 9.6.
Supervision and Regulation. 33 Section 11.3. Access to Block Company Offices and Audit Rights..