The Wholesale Broker Agreement is a critical document used in the Australian financial services sector to establish and regulate the relationship between financial institutions and wholesale brokers. This agreement is essential when engaging brokers to facilitate wholesale financial product transactions, ensuring compliance with the Corporations Act 2001 and ASIC requirements. The document covers crucial aspects including broker authorization, compliance obligations, risk management, remuneration structures, and reporting requirements. It is specifically designed for the Australian regulatory environment, incorporating necessary provisions for AML/CTF compliance, privacy protection, and financial services licensing. The agreement is particularly important for institutions dealing with sophisticated investors and wholesale clients, requiring careful attention to regulatory thresholds and compliance obligations.
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1. Parties: Identifies the principal and the wholesale broker, including their ACN/ABN and registered addresses
2. Background: Outlines the context of the agreement, including the broker's qualifications and authorizations
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Appointment and Scope: Details the broker's appointment, territory, and authorized activities
5. Regulatory Compliance: Outlines obligations under relevant financial services laws and regulations
6. Broker Obligations: Specifies the broker's duties, responsibilities, and service standards
7. Principal's Obligations: Details the principal's responsibilities and support commitments
8. Remuneration: Specifies commission structures, payment terms, and calculation methods
9. Compliance and Reporting: Details reporting requirements, audit rights, and compliance monitoring
10. Risk Management: Outlines risk management procedures and requirements
11. Confidentiality: Addresses handling of confidential information and trade secrets
12. Intellectual Property: Covers ownership and usage rights of intellectual property
13. Term and Termination: Specifies agreement duration and termination provisions
14. Indemnities and Insurance: Details insurance requirements and mutual indemnification obligations
15. Dispute Resolution: Outlines procedures for handling disputes between parties
16. General Provisions: Includes standard boilerplate clauses like notices, assignment, and governing law
1. Technology and Systems: Required when specific trading platforms or systems are to be used
2. International Operations: Include when broker operates across multiple jurisdictions
3. White Labeling: Required when broker provides white-labeled services
4. Data Protection: Enhanced section needed when handling significant personal data
5. Anti-Money Laundering: Detailed section required for high-risk or complex financial products
6. Business Continuity: Include when requiring specific disaster recovery provisions
7. Marketing and Branding: Required when broker has marketing responsibilities
8. Training Requirements: Include when specific training or certification is required
1. Schedule 1 - Commission Structure: Detailed breakdown of commission rates and calculation methods
2. Schedule 2 - Approved Products: List of financial products the broker is authorized to deal with
3. Schedule 3 - Service Level Requirements: Detailed service standards and performance metrics
4. Schedule 4 - Compliance Procedures: Specific compliance requirements and procedures
5. Schedule 5 - Reporting Templates: Standard formats for required reports and notifications
6. Schedule 6 - Territory Details: Specification of authorized geographic or market territories
7. Appendix A - Required Insurance Coverage: Detailed insurance requirements and minimum coverage levels
8. Appendix B - System Specifications: Technical requirements for any required trading or reporting systems
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