NSCC Process definition
Examples of NSCC Process in a sentence
In the event BNYM receives purchase instructions for Fund Shares prior to the Commencement Date from any person other than a Seed Money Purchaser, it will (i) reject such instructions if received through the NSCC Process (as defined in subsection 3(a)(1)(D) below), and (ii) return to sender any such instructions received through methods other than the NSCC Process.
As between the Fund and BNYM, the Fund possesses the sole responsibility for complying with any applicable disclosure obligations, under law or otherwise, to financial intermediaries and Fund investors relating to the NSCC Process.
BNYM shall have no responsibility or obligation of any nature (A) to obtain, review, retain, process or take any other act with respect to any physical documentation associated with the account opening instructions and purchase instructions received through the NSCC Process, or (B) to review or determine whether the purchaser or the Purchase Order is eligible, qualified, authorized or otherwise approved by the Fund with respect to such purchase.
With respect to Purchase Orders (as defined in Section 5) received through the NSCC Process on or after the Commencement Date, BNYM shall perform the administrative and ministerial duties in accordance with the NSCC Process appropriate to (i) open shareholder accounts pursuant to instructions received in good order from financial intermediaries, and (ii) execute and process purchase transactions pursuant to instructions received in good order from financial intermediaries.