The Buy In Agreement is a critical document in Hong Kong's securities trading landscape, used when a seller fails to deliver securities as originally agreed. This situation typically arises in cases of failed trades, where the original seller cannot fulfill their delivery obligations within the standard settlement cycle. The agreement is designed to protect the buyer's interests by providing a structured mechanism to obtain the required securities from alternative sources, while ensuring compliance with Hong Kong regulatory requirements, including the Securities and Futures Ordinance and HKEX rules. It specifies the procedures for executing the buy-in, determining the price, settling the transaction, and allocating any price differentials or costs between the parties. This document is particularly important in maintaining market integrity and reducing settlement risk in Hong Kong's financial markets.
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1. Parties: Identification of the parties entering into the buy-in agreement, including the defaulting party and the non-defaulting party
2. Background: Context of the agreement, including reference to the original transaction that led to the buy-in situation
3. Definitions: Key terms used throughout the agreement, including specific market terminology and technical definitions
4. Buy-in Process: Detailed procedure for executing the buy-in, including notification requirements and timeframes
5. Price Determination: Method for determining the buy-in price and any price differentials
6. Settlement Terms: Terms and conditions for settling the buy-in transaction, including payment and delivery obligations
7. Default Consequences: Consequences of failing to comply with the buy-in agreement
8. Representations and Warranties: Standard declarations by both parties regarding their capacity and authority to enter into the agreement
9. Governing Law and Jurisdiction: Specification of Hong Kong law as governing law and jurisdiction for dispute resolution
1. Force Majeure: Provisions dealing with circumstances beyond parties' control - include when market volatility or external factors could affect execution
2. Broker Involvement: Terms regarding the appointment and role of brokers - include when third-party brokers are involved in the buy-in process
3. Corporate Actions: Provisions dealing with corporate actions affecting the securities - include when dealing with listed securities
4. Tax Provisions: Specific tax-related provisions - include when cross-border elements are present
5. Assignment and Transfer: Rights and restrictions regarding assignment - include when dealing with institutional clients
1. Schedule 1 - Securities Details: Detailed description of the securities subject to the buy-in, including ISIN, quantity, and original trade details
2. Schedule 2 - Pricing Mechanism: Detailed methodology for calculating the buy-in price, including any reference prices or adjustments
3. Schedule 3 - Timeline: Specific deadlines and timeframes for each stage of the buy-in process
4. Appendix A - Notice Forms: Template forms for various notices required under the agreement
5. Appendix B - Market Rules Extract: Relevant excerpts from HKEX and HKSCC rules regarding buy-in procedures
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Securities Trading
Investment Management
Asset Management
Capital Markets
Clearing and Settlement
Securities Custody
Relevant Teams
Legal
Compliance
Trading Operations
Settlement
Risk Management
Middle Office
Trade Support
Clearing Operations
Securities Operations
Relevant Roles
Trading Operations Manager
Settlement Officer
Compliance Officer
Legal Counsel
Risk Manager
Trading Desk Manager
Operations Director
Securities Operations Specialist
Middle Office Manager
Clearing Operations Manager
Trade Support Officer
Securities Settlement Manager
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