The Overnight Reverse Repurchase Agreement is a critical instrument in the UAE financial markets, used for short-term liquidity management and secured lending operations. This document is essential when parties wish to enter into transactions where one party agrees to purchase securities from another party with a simultaneous agreement to sell them back the next business day at a predetermined price. The agreement operates within the UAE legal framework, particularly under UAE Federal Law No. 14 of 2018 and Central Bank regulations, and can be adapted for both conventional and Islamic financial institutions. It includes detailed provisions for pricing, margin maintenance, default scenarios, and operational procedures, making it suitable for various financial institutions operating in the UAE market.
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1. Parties: Identification of the parties entering into the agreement, including their legal names, registration details, and addresses
2. Background: Brief context explaining the purpose of the agreement and the parties' intentions to enter into reverse repurchase transactions
3. Definitions: Comprehensive definitions of terms used throughout the agreement, including financial terms specific to repo transactions
4. Purchase and Repurchase Obligations: Core provisions defining the obligations of each party regarding the initial purchase and subsequent repurchase of securities
5. Pricing and Payment Terms: Specifications for purchase price, repurchase price, pricing rate calculations, and payment mechanisms
6. Margin Maintenance: Requirements for maintaining margin, including margin ratios, margin calls, and margin transfer procedures
7. Income Payments: Provisions regarding the treatment of income on the purchased securities during the transaction period
8. Representations and Warranties: Standard and transaction-specific representations and warranties from both parties
9. Events of Default: Definition of events of default and their consequences, including close-out procedures
10. Tax Provisions: Allocation of tax responsibilities and requirements under UAE law
11. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for dispute resolution
1. Sharia Compliance: Additional provisions required for Sharia-compliant transactions, to be included when parties require Islamic finance compliance
2. Agency Provisions: Additional terms for transactions where one party acts as agent, to be included in agency arrangements
3. Electronic Trading Provisions: Specific terms for electronic trading platforms, required when transactions will be executed electronically
4. Custody Arrangements: Detailed custody provisions when a third-party custodian is involved in holding securities
5. Buy/Sell Back Annex: Additional provisions for transactions structured as buy/sell back trades rather than classic repos
1. Transaction Notice Form: Standard form for confirming individual transaction details including purchase date, repurchase date, securities details, and pricing
2. Eligible Securities: List and characteristics of securities acceptable as collateral under the agreement
3. Margin Percentages: Schedule of haircuts and margin percentages applicable to different types of eligible securities
4. Form of Notices: Standard forms for various notices required under the agreement, including margin calls and income payments
5. Contact Details: List of authorized personnel and contact information for operational matters
6. Broker-Dealer Requirements: Specific requirements applicable to broker-dealer transactions under UAE regulations
7. Systems and Operations: Technical specifications for electronic trading and settlement systems where applicable
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Investment Management
Securities Trading
Government/Public Sector
Islamic Banking
Asset Management
Treasury Services
Capital Markets
Relevant Teams
Legal
Treasury
Trading
Compliance
Risk Management
Operations
Finance
Settlement
Middle Office
Islamic Banking
Portfolio Management
Relevant Roles
Treasury Manager
Legal Counsel
Compliance Officer
Risk Manager
Trading Manager
Securities Operations Manager
Financial Controller
Repo Trader
Investment Officer
Chief Financial Officer
Head of Fixed Income
Settlements Manager
Islamic Finance Specialist
Portfolio Manager
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