The Broker Commission Agreement is essential for financial services providers operating in Ireland who engage brokers or intermediaries to distribute their products or services. This document establishes the legal and commercial framework for the broker relationship, including commission structures, regulatory compliance requirements, and operational procedures. It ensures compliance with Irish financial services regulations, particularly the Investment Intermediaries Act 1995 and the Consumer Protection Code 2012, while also addressing EU-level requirements such as GDPR and MiFID II where applicable. The agreement is particularly important in sectors such as insurance, investment services, and banking, where intermediary relationships are common and heavily regulated.
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Key Requirements PROMPT example:
Broker Commission Agreement
"I need a Broker Commission Agreement for an Irish insurance company expanding operations across EU countries, with provisions for both individual and corporate brokers, to be effective from March 2025."
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1. Parties: Identification of the principal company and the broker, including regulatory registration numbers
2. Background: Context of the agreement and brief description of the business relationship
3. Definitions: Definitions of key terms used throughout the agreement
4. Appointment and Scope: Terms of broker appointment and scope of authorized services
5. Regulatory Compliance: Obligations to comply with relevant Irish and EU financial services regulations
6. Commission Structure: Basic framework for commission calculations and types
7. Payment Terms: Timing and method of commission payments, including any clawback provisions
8. Broker Obligations: Key responsibilities and performance requirements for the broker
9. Principal's Obligations: Key responsibilities of the principal company
10. Representations and Warranties: Standard declarations by both parties regarding capacity and compliance
11. Data Protection: GDPR compliance and data handling requirements
12. Confidentiality: Protection of confidential information and trade secrets
13. Term and Termination: Duration of agreement and termination provisions
14. Post-Termination: Rights and obligations that survive termination
15. General Provisions: Standard boilerplate clauses including governing law, notices, and assignment
1. Training and Support: Include when principal provides specific training or support services to broker
2. Marketing and Branding: Include when broker is authorized to use principal's branding or marketing materials
3. Minimum Performance Requirements: Include when agreement includes specific sales targets or performance metrics
4. Sub-Brokers: Include when broker is permitted to appoint sub-brokers
5. Professional Indemnity Insurance: Include detailed insurance requirements beyond standard provisions
6. Anti-Money Laundering: Include detailed AML obligations when dealing with certain financial products
7. Dispute Resolution: Include specific arbitration or mediation procedures if desired
8. Non-Compete Provisions: Include restrictions on competing activities where appropriate
1. Commission Rates: Detailed breakdown of commission rates for different products or services
2. Products and Services: List of authorized products and services covered by the agreement
3. Territory: Definition of geographical territory for broker's operations
4. Reporting Requirements: Templates and specifications for required reports
5. Service Level Agreement: Detailed performance metrics and service standards
6. Data Processing Agreement: Detailed GDPR-compliant data processing terms
7. Compliance Procedures: Specific compliance procedures and requirements
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Insurance
Investment Management
Banking
Wealth Management
Real Estate
Commercial Finance
Mortgage Lending
Pension Services
Corporate Finance
Relevant Teams
Legal
Compliance
Sales
Distribution
Finance
Operations
Risk Management
Broker Relations
Commercial
Regulatory Affairs
Business Development
Partner Management
Relevant Roles
Chief Executive Officer
Head of Distribution
Compliance Officer
Legal Counsel
Sales Director
Business Development Manager
Broker Relationship Manager
Commission Operations Manager
Risk Manager
Financial Controller
Head of Partnerships
Commercial Director
Regulatory Affairs Manager
Operations Director