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Networking Agreement - Puerto Rico

Networking Agreement Form. This is a Puerto Rico form and can be used in Securities Blue Sky Commissioner Of Financial Institutions .
 Fillable pdf Last Modified 4/29/2014
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Rev. 03-13 NETWORKING AGREEMENT This Agreement is entered into as of ____________, 20____ ("The Effective name of Date"), by and between ("BD"), [insert whose name of Insurance is Agency], ("IA") whose business address is [location] and [insert Broker-Dealer] business address [location]. IA and BD shall be collectively referred to as the "Parties" Recitals WHEREAS, IA is licensed as a corporate insurance agent and general insurance agent and as such is authorized by, and in good standing with, the Office of the Commissioner of Insurance of Puerto Rico ("OCI"). IA is authorized to sell insurance products and variable contracts subject to the terms of this Agreement and further subject to authorization by the OCI and the Office of the Commissioner of Financial Institutions ("OCFI"). WHEREAS, BD is a broker dealer registered and in good standing with the Securities and Exchange Commission ("SEC"), the Financial Industry Regulatory Authority ("FINRA"), and the OCFI and is authorized to sell variable products by the OCI. WHEREAS, all securities services provided in connection with the sale of variable contracts will be provided by IA through persons who will be registered representatives of BD ("Dual Representatives"). All Dual Representatives will be registered and qualified as provided below in Section 4 of this Agreement. NOW THEREFORE, in consideration of mutual covenants, agreements, representations, and warranties herein contained, the parties hereby agree as follows: OCIF Rev. 03-13. Instructions: This document must be accompanied by a ruling request filed with the Office of the Commissioner of Financial Institutions seeking authorization to enter into this Agreement. American LegalNet, Inc. www.FormsWorkFlow.com Networking Agreement for Variable Annuities [Insert name of Broker Dealer] [Insert date of execution] AGREEMENT 1. Recitals are part of the Agreement. Recitals are a material part of this Agreement. 2. Services to be provided by the Parties. Subject to the terms and conditions of this Agreement: (a) IA hereby appoints BD to provide certain administrative and compliance services to facilitate the offer and sale of variable products. (b) BD hereby accepts such engagement and agrees to abide by the terms and conditions regarding the offer and sale of variable contracts as set forth in this Agreement, as well as all applicable laws and regulations. (c) Subject to the terms and conditions of this Agreement, BD hereby appoints IA to provide certain administrative and compliance services to facilitate solicitation and sale of variable contracts. (d) IA hereby accepts such engagement and agrees to abide by the terms and conditions regarding the sale of variable contracts as set forth in this Agreement, as well as all applicable laws and regulations. 3. Licenses. The Parties hereby represent and warrant that they possess and will maintain at all times all the necessary licenses and registration requirements to conduct the insurance and securities' activities described in this contract. The Parties hereby further represent that they are in compliance, and during the term of this Agreement, will remain in compliance, with all applicable requirements including but not limited to the capital and/or net capital and financial reporting requirements of the SEC, the FINRA, any applicable securities exchanges of which it OCIF REV. 03-13 2 American LegalNet, Inc. www.FormsWorkFlow.com Networking Agreement for Variable Annuities [Insert name of Broker Dealer] [Insert date of execution] is a member, and all other applicable federal or Puerto Rico laws and will establish such rules and procedures as may be necessary to cause diligent supervision of the sale of variable contracts by the Dual Representatives. 4. Dual representatives. Dual Representatives must meet the following requirements: (a) (b) (c) Be registered agent of BD and of IA; and Be licensed to sell securities and insurance; and Have good character and moral fitness to sell securities and insurance products. 5. Term of Services. (a) Under this Networking Agreement, only Dual Representatives will effect securities transactions and provide securities services. (b) regulatory control, an Designated principals ("SRO") of BD or will all members train, of the of BD's compliance staff authorized to supervise employees under selforganization assume rules for supervise, securities responsibility activities of Dual Representatives in connection with the offer and sale of variable contracts. (c) IA will agree that any Dual Representative whom the SEC, the OCFI or an SRO bars or suspends from association with the BD or any other broker-dealer will be terminated or suspended from all securities and variable contract activities conducted by IA. (d) IA and BD will advise every Dual Representative, in writing, that in connection with the offer and sale of variable contracts, he or she will be subject to the terms and conditions contained in their employment agreement. OCIF REV. 03-13 3 American LegalNet, Inc. www.FormsWorkFlow.com Networking Agreement for Variable Annuities [Insert name of Broker Dealer] [Insert date of execution] 6. Responsibilities of BD. With regard to the Dual Representatives, BD will be responsible for: (a) Assisting IA in the selection and supervision of IA Dual Representatives under applicable securities laws only as it relates to their activities performed pursuant to this Agreement. (b) Taking all necessary steps to make sure that each IA Dual Representative is a registered agent of BD before such IA Dual Representative engages in the solicitation of applications for variable contracts. BD shall cause such IA Dual Representative securities' qualifications to be in compliance to the satisfaction of IA. (c) Training and supervision, in accordance with the applicable securities laws, of all Dual Representatives and other persons associated with BD who is involved in the offer or sale of variable contracts. All such Dual Representatives and persons shall be subject to the control of BD with respect to regulated securities activities in connection with the offer and sale of variable contracts. (d) variable pursuant Taking all necessary steps to ensure that the Dual investment are and recommendations for the Puerto Rico in the sale laws of and contracts to suitable individual securities customer Representative's federal regulations, including also applicable rules issued by the FINRA. (e) Assuring compliance with all of
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