This Customer Account Agreement (the “Agreement”) sets forth the respective rights and obligations of Apex Clearing Corporation (“Apex”) and the customer identified on the New Account Application (the “Customer”) in connection with the Customer’s brokerage account with Apex (the “Account”). Customer hereby agrees as follows with respect to the Account, which Customer has established with Apex for the purchase, sale, and/or carrying of securities or contracts relating thereto and/or the borrowing of funds, at the instruction of Customer’s registered investment advisor as authorized by Customer in the New Account Application (“Advisor”), which transactions will be cleared through Apex.
To help the government fight the funding of terrorism and money laundering, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. In order to open the Account, Customer will provide information that will allow Apex to identify Customer, including, but not limited to, Customer’s name, address, date of birth, and copies of Customer’s driver license and/or other identifying documents.
All transactions for the Account shall be subject to the constitution, rules, regulations, customs, and usages of the exchange or market and its clearing house, if any, upon which such transactions are executed, except as otherwise specifically provided in this Agreement.
“Obligations” means all indebtedness, debit balances, liabilities, or other obligations of any kind of the Customer to Apex, whether now existing or hereafter arising. “Assets” shall include, but shall not be limited to, money, securities, commodities, or other property of every kind and nature and all contracts and options relating to them in any way, whether for present or future delivery.
Customer represents that Customer has entered into a separate agreement directly with Advisor (“Advisor Agreement”) authorizing Advisor to manage the Account, including executing trades, appointing sub-advisors, depositing or withdrawing funds to and from Account, requesting information, receiving Account statements and confirmations, changing certain of my information, and generally transacting in and managing the Account. Customer understands that Advisor has entered into an agreement with Apex pursuant to which Apex is willing to grant access to Advisor for Advisor to manage accounts for Advisor’s customers whom open brokerage accounts at Apex for Advisor to manage.
Customer appoints Apex as agent to carry the Account and to execute Advisor’s instructions relating to the Account. Customer agrees Apex may execute, clear, and settle any transaction in the Account at the instruction of Advisor and may accept and execute any instruction relating to the Account without inquiry or investigation. Customer assumes all investment risk with the Account and with authorizing Advisor to transact for the Account.
Customer will pay fees to Advisor for its services in accordance with the Advisor Agreement. Customer authorizes and instructs Apex to deduct the Advisor Fee directly from the Account and pay it to Advisor. Apex may also charge and deduct fees for services performed at Customer or Advisor’s instruction.
Whenever in Apex’s discretion Apex considers it necessary for protection due to breach or failure to pay for Assets purchased, Apex may sell any and all Assets held in the Account without notice or demand. All assets belonging to Customer or held in any of the Customer’s accounts with Apex shall be subject to a first priority lien and security interest.
Apex is authorized, in its sole discretion, to cancel any outstanding order, to close out the Account or any accounts of Customer at Apex, in whole or in part, without notice.
Customer shall at all times be liable for payment upon demand of any obligations owing from Customer to Apex.
Apex may send communications to Customer at Customer’s address on the New Account Application. All communications sent, whether by mail, electronically, or otherwise, shall be deemed given to Customer personally, whether actually received or not.
THIS AGREEMENT CONTAINS A PREDISPUTE ARBITRATION CLAUSE.
