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These Terms of Use ("Terms of Use") are made between the undersigned user ("you") and Lord, Abbett & Co. ("we" or "us"). They become effective on the date that you electronically execute these Terms of Use ("Effective Date").

A. You are a successful financial consultant that markets securities, including the Lord Abbett Family of Funds;

B. We have developed the Lord Abbett Intelligence System (the "Intelligence System"), a state of the art information resource that we make available to a limited community of broker/dealers through the Internet at a secure Web site (the "LAIS Site"); and

C. We wish to provide access to the Intelligence System to you as an information tool responsive to the demands of your successful business pursuant to these Terms of Use. Accordingly, you and we, intending to be legally bound, hereby agree as follows:]

1. Overview. · Scope. These Terms of Use (which we may amend from time to time) govern your use of the Intelligence System. · Revisions; Changes. We may amend these Terms of Use at any time by posting amended Terms of Use ("Amended Terms of Use") on the LAIS Site. Any Amended Terms of Use will become effective immediately upon posting. Your use of the Intelligence System after any Amended Terms of Use become effective will be deemed to constitute your acceptance of those Amended Terms of Use.We may modify or discontinue the Intelligence System at any time, temporarily or permanently, with or without notice to you. Purpose of the Intelligence System. The Intelligence System is intended to be an information resource that you may use to contribute to your business research. The Intelligence System is for broker/dealer use only; it is not to be used with the public in oral, written or electronic form. The information on the Intelligence System and LAIS Site is for your information only and is neither the tax, legal or investment advice of Lord Abbett or its third-party sources nor their recommendation to purchase or sell any security.

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3. Rights in Data. Our use of information collected from you will be in accordance with our Privacy Policy posted on the LAIS Site. Our compliance with our Privacy Policy will survive any termination of these Terms of Use or of your use of the Intelligence System.

4. Your Conduct in the Use of the Intelligence System. You may access, search, view and store a personal copy of the information contained on the LAIS Site for your use as a broker/dealer. Any other use by you of the Intelligence System and the information contained on the LAIS Site these Terms of Use is strictly prohibited. Without limiting the preceding sentence, you will not: · Engage in or permit any reproduction, copying, translation, modification, adaptation, creation of derivative works from, distribution, transmission, transfer, republication, compilation or decompilation, reverse engineering, display, removal or deletion of the Intelligence System, any portion thereof, or any data, content or information provided by us or any of our third-party sources in any form, media or technology now existing or hereafter developed, that is not specifically authorized under these Terms of Use.

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· Impersonate any person, or falsely state or otherwise misrepresent his or her affiliation with any person in connection with any use of the Intelligence System.

· Breach or attempt to breach the security of the Intelligence System or any network, servers, data, or computers or other hardware relating to or used in connection with the Intelligence System; nor (b) use or distribute through the Intelligence System software or other tools or devices designed to interfere with or compromise the privacy, security or use of the Intelligence System by others or the operations or assets of any person.

· Violate any applicable law, including, without limitation, any state federal securities laws. 5. Your Representations and Warranties. You hereby represent and warrant to us, for our benefit, as of the time of these Terms of Use and for so long as you continue to use the Intelligence System, that (a) you are, and will continue to be, in compliance with these Terms of Use and any applicable laws and (b) you are authorized to provide to us the information we collect, as described in our Privacy Policy.

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· Governing Law. This Agreement will governed by and construed in accordance with the laws of the State of New York, without giving effect to applicable conflicts of law principles.

THE UNIFORM COMPUTER INFORMATION TRANSACTIONS ACT OR ANY VERSION THEREOF, ADOPTED BY ANY STATE, IN ANY FORM ("UCITA") WILL NOT APPLY TO THESE TERMS OF USE. TO THE EXTENT THAT UCITA IS APPLICABLE, THE PARTIES HEREBY AGREE TO OPT OUT OF THE APPLICABILITY OF UCITA PURSUANT TO THE OPT-OUT PROVISION(S) CONTAINED THEREIN.

The Intelligence System is not intended to be used by consumers, nor are the consumer protection laws of any jurisdiction intended to apply to the Intelligence System. You agree to initiate and maintain any action, suit or proceeding relating to these Terms of Use or arising out of the use of the Intelligence System exclusively in the courts, state and federal, located in or having jurisdiction over New York County, New York.

YOU HEREBY CONSENT TO THE PERSONAL JURISDICTION AND VENUE OF THE COURTS, STATE AND FEDERAL, LOCATED IN OR HAVING JURISDICTION OVER NEW YORK COUNTY, NEW YORK. YOU AGREE THAT YOU WILL NOT OBJECT TO A PROCEEDING BROUGHT IN YOUR LOCAL JURISDICTION TO ENFORCE AN ORDER OR JUDGMENT OBTAINED IN NEW YORK.

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Practice Management

Advisors and firms will struggle with multiple and possibly conflicting standards if the Labor Department moves ahead with its fiduciary proposal, the industry group warns.

This Practice Management article is intended for financial advisors only (registered representatives of broker/dealers or associated persons of Registered Investment Advisors).

The wealth management industry might be headed toward a "compliance nightmare" next year should the Labor Department move ahead with its proposed fiduciary rule, SIFMA warned in its annual state of the industry briefing.

A situation may develop where advisors and firms have to contend with multiple and possibly conflicting regulatory standards, says Ken Bentsen, CEO of the industry trade group. The Labor Department is working on a fiduciary rule with regard to retirement advice, while the SEC is tasked under Dodd-Frank legislation to craft an industry-wide fiduciary rule.

"If the DoL proceeds, you will have at least two standards with regard to retirement accounts. You'll have the SEC and FINRA looking over the shoulder of qualified retirement accounts," Bentsen says.

"You're going to create a compliance nightmare for the firms that will not be, at the end of the day, in the best interest of the customers," he explains. "It'll create cost and confusion. It's unfortunate, and frankly it’s a failure of the public policy marketplace."

SIFMA has been vocal in its opposition to the Labor Department's efforts. Recently, the organization's leaders repeated their preference that the SEC lead the effort to create a fiduciary rule instead of the Labor Department, citing concerns that the department's proposed rule would be unworkable in practice.

Bentsen called upon Congress to get more involved in the process. Some lawmakers, both Democrats and Republicans, have been working on legislation to head off the Labor Department's efforts.

Speaking with regard to a bipartisan proposal, Rep. Phil Roe (R-Tenn.) recently said that Congress’ efforts are geared "to develop a legislative solution that will accomplish what the Department of Labor has failed to do."

In the past, department officials have rebutted criticism that the rule would hinder investor choice, emphasizing the need for a higher standard of care in order to protect clients.

"We have coordinated with the SEC throughout our rulemaking. The department remains willing to continue working with the SEC to ensure that its eventual rule does not place retirement advisers out of compliance with the DoL standard," a spokesman for the department said.

"Multiple agencies already have regulatory and enforcement authority in this area, but Congress intentionally put in place higher standards of conduct for advisers to tax-favored retirement accounts. Consumers should be able to trust that their retirement adviser is working in their best interest. While that isn’t always clear to consumers in today’s marketplace, a goal of our project is to address that problem," the spokesman added.

However, Bentsen says he sees mounting concern among members of Congress that the rule is flawed.

"While none of us can predict the future, I think that given the fact that you have bipartisan members of Congress talking about changing the statute indicates that the department will need to listen to what Congress is telling them," Bentsen says.

SEC

While SIFMA continues to call upon the SEC to take the lead over the Labor Department, the SEC has been slow to actually craft a new rule.

SEC chairwoman Mary Jo White has repeatedly said that she is in favor of such a rule, and has said it for the past several years when speaking at SIFMA's annual conference. But she's also repeatedly declined to provide a timeline for when a rule would be forthcoming.

Fiduciary advocates have been critical of the SEC, saying that the regulator has been sluggish in crafting a new rule.

White, speaking last month at a conference in Washington, said it's "not a short, quick uncomplicated rule making."

When asked about the slowness of the SEC's process, SIFMA's leadership said that action might be forthcoming after two new commissioners join the regulator next year.

"In my own view, one of the reasons it has taken a while for [the SEC] to do this is that it is not easy. You're taking what is a principle and trying to put that into practice. Congress was very clear that it's not enough to just protect investors but also to protect investor choice," Bentsen said. "We think the SEC takes that to heart."

And SIFMA suggests the Labor Department take note.

"While she didn't say it, I think the DoL should take it under advisement," says Andy Blocker, executive vice president of public policy and advocacy.

Fiduciary advocates, meanwhile, have been urging members of Congress to refrain from watering down rules designed to protect investors from abuse, and also encouraging the Labor Department to remain steadfast.

"A final rule, promulgated by DoL, the expert agency required to enforce ERISA, and fully informed through its rulemaking process, is the best solution to actually ensure that advisors are required to serve retirement investors' best interests," Marilyn Mohrman-Gillis, CFP Board’s managing director of public policy and communications, said before a congressional subcommittee.

−−Andrew Welsch

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