Common use of Executing Portfolio Transactions Clause in Contracts

Executing Portfolio Transactions. Brokerage The Subadvisor shall ensure that it provides best execution in accordance with applicable rules of the FSA and SEC when carrying out the execution of all purchases and sales of investments for the Fund and shall use its best efforts to obtain the most favorable price and terms of execution available in accordance with this paragraph. The Subadvisor agrees to provide the Advisor and the Fund with copies of its policy with respect to trade allocation of brokerage on trades for the Fund/the use of dealing commission (as that term is commonly used in the United Kingdom). Subject to the policies adopted by the Fund's Directors, the Subadvisor, in carrying out its duties under Section 1(a), may cause the Fund to pay a broker-dealer which furnishes brokerage/execution or research services, as such services are defined under Section 28(e) of the Securities Exchange Act of 1934, as amended (the "34 Act") or formal/informal staff opinions, a higher commission than that which might be charged by another broker-dealer which does not furnish brokerage/execution or research services or which furnishes brokerage/execution or research services deemed to be of lesser value, if such commission is deemed reasonable in relation to the brokerage and research services provided by the broker-dealer, viewed in terms of either that particular transaction or the overall responsibilities of the subadvisor with respect to the accounts as to which it exercises investment discretion (as such term is defined under Section 3(a)(35) of the '34 Act or rules). Subadvisor shall also act pursuant to FSA rules on the use of dealing commission to purchase permitted execution and research services and formal/informal FSA guidance, wherein the purchase with commission of the brokerage/execution or research services is related to the execution of transactions for the Fund, such services reasonably assist the Subadvisor in the provision of services to the Fund and do not compromise its ability to comply with its obligation of best execution as set out above, and the Subadvisor provides to the Advisor prior and periodic disclosure in writing in accordance with the FSA rules details of all execution and research services purchased through dealing commission.