Common use of Responsibility for Account Clause in Contracts

Responsibility for Account. No Legal or Tax Advice. I assume full financial responsibility with respect to all transactions executed for my account and my investment decisions. I acknowledge that HSBC Securities and Pershing do not provide tax, accounting or legal advice and that I am responsible for these matters. I should consult with my tax adviser regarding the tax consequences of my investment decisions. United States persons (including U.S. citizens and residents) are subject to U.S. taxation on their worldwide income and may be subject to tax and other filing obligations with respect to the U.S and non-U.S. accounts including, for example, Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts (“FBAR”)). U.S. persons should consult a tax advisor for more information. If I am a resident or citizen of a non-U.S. jurisdiction (or an entity domiciled outside the U.S.), I further represent that I am responsible for, and shall comply with, all laws, regulations and reporting requirements of such foreign jurisdiction that may be applicable as the result of my maintaining an account with HSBC Securities in the United States. These may include, without limitation, any laws or regulations in respect of the payment of taxes, tax reporting or foreign exchange holdings or reporting applicable to residents, citizens or domiciled entities of my country.