This AGREEMENT, dated [no later than April 16, 2007], is effective as of the 16th day of October, 2007, between ___________________(the “Fund”) as principal underwriter for each of the funds listed on the attached Schedule A (the “[________] Funds”)...
Exhibit 99.B.8.84 RULE 22C-2 AGREEMENT | ||||||
This AGREEMENT, dated [no later than April 16, 2007], is effective as of the 16th day of | ||||||
October, 2007, between ___________________(the “Fund”) as principal underwriter for each of | ||||||
the funds listed on the attached Schedule A (the “[________] Funds”) and ING Life Insurance | ||||||
and Annuity Company, ING National Trust, ING USA Annuity and Life Insurance Company, | ||||||
ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, Security | ||||||
Life of Denver Insurance Company and Systematized Benefits Administrators Inc. (individually | ||||||
an “Intermediary” and collectively the “Intermediaries”). | ||||||
WHEREAS, the Intermediaries have adopted policies and procedures to monitor and deter | ||||||
excessive trading activity within the mutual funds, including the Funds, available through the | ||||||
variable annuity, variable life insurance and variable retirement plan products which they offer | ||||||
(the “Variable Products”); and | ||||||
WHEREAS, the Intermediaries’ policies and procedures to monitor and deter excessive trading | ||||||
activity within the mutual funds available through their Variable Products are attached hereto | ||||||
and made part of this Agreement as Schedule B (the “Excessive Trading Policy”); | ||||||
WHEREAS, the Fund desires for the Intermediaries to monitor and deter excessive trading | ||||||
activity in the Funds in accordance with the Intermediaries’ Excessive Trading Policy; and | ||||||
WHEREAS, the parties desire to otherwise comply with the requirements under Rule 22c-2 of | ||||||
the Investment Company Act of 1940, as amended (“Rule 22c-2”). | ||||||
NOW, THEREFORE, in consideration of the mutual covenants herein contained, which | ||||||
consideration is full and complete, the Fund and the Intermediaries hereby agree as follows: | ||||||
A. |
Agreement to Monitor and Deter Excessive Trading Activity. | |||||
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1. | The Intermediaries agree to monitor and deter excessive trading activity in the | ||||
Funds which are available through their Variable Products in accordance with the Intermediaries’ | ||||||
Excessive Trading Policy. Said Excessive Trading Policy may be amended from time to time | ||||||
with the consent of the parties, which consent will not be unreasonably withheld. | ||||||
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2. | The Intermediaries agree to provide the Fund the taxpayer identification number | ||||
(“TIN”), if requested, or any other identifying factor that would provide acceptable assurances of | ||||||
the identity of all shareholders that are restricted to regular U.S. mail trading under the | ||||||
Intermediaries’ Excessive Trading Policy. | ||||||
B. |
Agreement to Provide Shareholder Information. | |||||
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1. | Each Intermediary agrees to provide the Fund, upon written request, the following | ||||
shareholder information with respect to Covered Transactions involving the Funds: | ||||||
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a. | The taxpayer identification number (“TIN”) or any other government | ||||
issued identifier, if known, that would provide acceptable assurances of | ||||||
the identity of each shareholder that has purchased, redeemed, transferred |
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or exchanged shares of a Fund through an account directly maintained by | ||||||
the Intermediaries during the period covered by the request; | ||||||
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b. | The amount and dates of, and the Variable Product(s) associated with, | ||||
such shareholder purchases, redemptions, transfers and exchanges; and | ||||||
c. |
Any other data mutually agreed upon in writing. | |||||
2. |
Under this Agreement the term “Covered Transactions” are those transactions | |||||
which the Intermediaries consider when determining whether trading activity is excessive as | ||||||
described in their Excessive Trading Policy. | ||||||
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3. | Requests to provide shareholder information shall set forth the specific period for | ||||
which transaction information is sought. However, unless otherwise agreed to by the | ||||||
Intermediaries, any such request will not cover a period of more than 90 consecutive calendar | ||||||
days from the date of the request. | ||||||
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4. | Each Intermediary agrees to provide the requested shareholder information | ||||
promptly upon receipt of the request, but in no event later than 15 business days after receipt of | ||||||
such request, provided that such information resides in its books and records. If shareholder | ||||||
information is not on the Intermediary’s books and records, the Intermediary agrees to use | ||||||
reasonable efforts to obtain and transmit or have transmitted the requested information from the | ||||||
holder of the account. |
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C. |
Agreement to Restrict Trading. | |||||
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1. |
Each Intermediary agrees to execute written instructions from the Fund to restrict | ||||
or prohibit further Covered Transactions involving Fund shares by a shareholder who has been | ||||||
identified by the Fund as having engaged in transactions in shares of a Fund (through an account | ||||||
directly maintained by the Intermediary) that violate the policies and procedures established by | ||||||
the Funds for the purposes of eliminating or reducing frequent trading of Fund shares. | ||||||
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2. | Each Intermediary agrees to use reasonable efforts to execute or have executed | ||||
(for those shareholders whose information is not on the Intermediary’s books and records) the | ||||||
written instructions within 10 Business Days after actual receipt. The Intermediary will provide | ||||||
written confirmation to the Fund as soon as reasonably practicable that such instructions have or | ||||||
have not been executed. If the written instructions have not been executed, then the written | ||||||
confirmation will also provide an explanation. | ||||||
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3. | Instructions to restrict or prohibit further Covered Transactions involving Fund | ||||
shares must include: |
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a. | The reason for requesting the restriction(s) and/or prohibition(s), | ||||
supporting details regarding the transaction activity which resulted in the | ||||||
restriction(s) and/or prohibition(s)s and the applicable sections of the | ||||||
Fund’s frequent trading policy and procedures that have been violated; |
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b. | The specific restriction(s) and/or prohibition(s) to be executed, including | |||
the length of time such restriction(s) and/or prohibition(s) shall remain in | ||||
place; | ||||
c. | The TIN or any other government issued identifier, if known by the Fund, | |||
that would help the Intermediaries determine the identity of affected | ||||
shareholder(s); and | ||||
d. | Whether such restriction(s) and/or prohibition(s) are to be executed in | |||
relation to all of the affected shareholder’s Variable Products, only the | ||||
type of Variable Product(s) through which the affected shareholder | ||||
engaged in transaction activity which triggered the restriction(s) and/or | ||||
prohibition(s) or in some other respect. In absence of direction from the | ||||
Fund in this regard, restriction(s) and/or prohibition(s) shall be executed as | ||||
they relate to the Intermediary’s Variable Product(s) through which the | ||||
affected shareholder engaged in the transaction activity which triggered | ||||
the restriction(s) and/or prohibition(s). | ||||
D. |
Limitation on Use of Information. | |||
The Fund agrees neither to use the information received from the Intermediary for any purpose | ||||
other than to comply with SEC Rule 22c-2 and other applicable laws, rules and regulations, nor | ||||
to share the information with anyone other than its employees who legitimately need access to it. | ||||
Neither the Fund nor any of its affiliates or subsidiaries may use any information provided | ||||
pursuant to this Agreement for marketing or solicitation purposes. The Fund will take such steps | ||||
as are reasonably necessary to ensure compliance with this obligation. | ||||
The Fund shall indemnify and hold the Intermediaries, individually and collectively, (and any of | ||||
their respective directors, officers, employees, or agents) harmless from any damages, loss, cost, | ||||
or liability (including reasonable legal fees and the cost of enforcing this indemnity) arising out | ||||
of or resulting from any unauthorized use of or disclosure by the Fund of the information | ||||
received from the Intermediaries pursuant to this Agreement. In addition, because an award of | ||||
money damages (whether pursuant to the foregoing sentence or otherwise) may be inadequate | ||||
for any breach of this provision and any such breach may cause the Intermediaries irreparable | ||||
harm, the Fund also agrees that, in the event of any breach or threatened breach of this provision, | ||||
the Intermediaries will also be entitled, without the requirement of posting a bond or other | ||||
security, to seek equitable relief, including injunctive relief and specific performance. Such | ||||
remedies will not be the exclusive remedies for any breach of this provision but will be in | ||||
addition to all other remedies available at law or in equity to the Intermediaries. | ||||
In the event that the Fund is required by legal process, law, or regulation to disclose any | ||||
information received from the Intermediaries pursuant to this Agreement, the Fund shall provide | ||||
Intermediaries with prompt written notice of such requirement as far in advance of the proposed | ||||
disclosure as possible so that the Intermediaries (at their expense) may either seek a protective | ||||
order or other appropriate remedy which is necessary to protect their interests or waive | ||||
compliance with this provision to the extent necessary. |
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E. |
Prior Agreements. |
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The parties acknowledge that prior to the effective date of this Agreement efforts to monitor and | ||||||||
deter excessive trading activity within the Variable Products were governed by whatever | ||||||||
practices the Fund and the Intermediaries agreed to follow in the absence of any formal | ||||||||
agreement. The parties also acknowledge having previously entered into fund participation | ||||||||
and/or selling and service agreements concerning the purchase and redemption of shares of | ||||||||
Funds through the Variable Products. The terms of this Agreement supplement the fund | ||||||||
participation and/or selling and service agreements and to the extent the terms of this Agreement | ||||||||
conflict with the terms of the fund participation and/or selling and service agreements, the terms | ||||||||
of this Agreement will control. This Agreement will terminate upon termination of the fund | ||||||||
participation and/or selling and service agreements. | ||||||||
F. |
Notices. | |||||||
1. |
Except as otherwise provided, all notices and other communications hereunder | |||||||
shall be in writing and shall be sufficient if delivered by hand or if sent by confirmed facsimile or | ||||||||
e-mail, or by mail, postage prepaid, addressed: | ||||||||
a. | If to Intermediaries, to: | |||||||
ING U.S. Financial Services | ||||||||
Attention: [Xxxxxxxxxx Xxxxxxx] | ||||||||
Address: | [151 Xxxxxxxxxx Xxxxxx] | |||||||
[Xxxxxxxx, XX 00000-0000] | ||||||||
Phone: | [000-000-0000] | |||||||
Fax: | [000-000-0000] | |||||||
Email: |
[Xxxxxxxxxx.Xxxxxxx@xx.xxx.xxx] | |||||||
b. |
If to the Fund, to: | |||||||
Attention: [Name or Title of the 22c-2 Contact Person] | ||||||||
Address: | [XXXXXXXXXXXXXXXXXXXX] | |||||||
[XXXXXXXXXXXXXXXXXXXX] | ||||||||
Phone: | [XXX-XXX-XXXX] | |||||||
Fax: | [XXX-XXX-XXXX] | |||||||
Email: | [XXXX.XXXXXXX@XXXX.XXX] | |||||||
2. | The parties may by like notice, designate any future or different address to | |||||||
which subsequent notices shall be sent. Any notice shall be deemed given when received. |
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IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed | ||
in its name and on its behalf by its duly authorized officer as of the date first written above. | ||
ING Life Insurance and Annuity Company | Security Life of Denver Insurance Company | |
By: | By: | |
Name | Name | |
and Title: |
and Title: | |
ING National Trust |
Systematized Benefits Administrators Inc. | |
By: | By: | |
Name | Name and | |
and Title: | Title: | |
ING USA Annuity and Life Insurance |
[Full Legal Name of the “Fund”] | |
Company | ||
By: | By: | |
Name | Name | |
and Title: | and Title: | |
ReliaStar Life Insurance Company |
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By: | ||
Name | ||
and Title: | ||
ReliaStar Life Insurance Company of New |
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York | ||
By: | ||
Name | ||
and Title: |
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Schedule A |
____________________________(the “Fund”) is principal underwriter for each |
series/portfolio of the following funds: |
· [List the funds to be covered by this agreement] |
A-1
Schedule B | ||||
ING “Excessive Trading” Policy | ||||
(to be amended) | ||||