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Broker Commission Split Agreement

Broker Commission Split Agreement Template for Ireland

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Key Requirements PROMPT example:

Broker Commission Split Agreement

"I need a Broker Commission Split Agreement for my Irish insurance brokerage firm to establish a 70-30 commission split arrangement with an introducing broker, including specific provisions for regulatory compliance and monthly payment terms."

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Document background
The Broker Commission Split Agreement is essential for Irish financial services providers who wish to establish formal commission-sharing arrangements. This document is typically used when two or more brokers or brokerage firms collaborate to generate and share commission income from client business. It addresses the requirements of Irish financial services legislation, including the Central Bank (Supervision and Enforcement) Act 2013 and the Consumer Protection Code 2012. The agreement includes crucial details about commission calculations, payment procedures, regulatory compliance, and operational responsibilities. It's particularly important for regulated entities in Ireland who need to demonstrate clear commission structures and compliance with regulatory requirements regarding commission arrangements and client money handling.
Suggested Sections

1. Parties: Identifies the parties entering into the agreement, including their registered addresses and company details

2. Background: Sets out the context of the agreement, including the nature of the brokerage business and the purpose of the commission-sharing arrangement

3. Definitions: Defines key terms used throughout the agreement

4. Scope of Agreement: Outlines the business activities covered by the commission-sharing arrangement

5. Commission Structure: Details the basic principles of how commissions will be split between the parties

6. Payment Terms: Specifies the timing, method, and currency of commission payments

7. Obligations and Responsibilities: Lists the duties and responsibilities of each party in relation to generating and sharing commission

8. Record Keeping and Reporting: Specifies requirements for maintaining commission records and reporting between parties

9. Term and Termination: Sets out the duration of the agreement and circumstances for termination

10. Confidentiality: Establishes obligations regarding confidential information

11. Governing Law and Jurisdiction: Specifies that Irish law governs the agreement and establishes jurisdiction for disputes

Optional Sections

1. Non-Compete Clause: Optional restrictions on competing activities, used when parties want to protect their business interests

2. Data Protection: Detailed GDPR compliance provisions, required when personal data processing is extensive

3. Regulatory Compliance: Specific provisions relating to Central Bank of Ireland requirements, needed for regulated activities

4. Dispute Resolution: Alternative dispute resolution procedures, useful for complex arrangements

5. Force Majeure: Provisions for unforeseen circumstances, recommended for long-term arrangements

6. Insurance Requirements: Specific insurance obligations, needed when dealing with insurance products

7. Assignment and Succession: Rules for transferring rights under the agreement, useful for larger brokerages

8. Variations: Procedures for modifying commission structures over time, useful for dynamic business relationships

Suggested Schedules

1. Commission Rates Schedule: Detailed breakdown of commission percentages for different products or services

2. Payment Procedures: Step-by-step process for calculating, reporting, and paying commissions

3. Product List: List of products or services covered by the commission-sharing arrangement

4. Reporting Template: Standard format for commission reports and calculations

5. Regulatory Disclosures: Required disclosures and compliance documentation

6. Contact Details: Key personnel and their contact information for operational matters

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






























Clauses
































Relevant Industries

Financial Services

Insurance

Investment Banking

Real Estate

Mortgage Lending

Commodities Trading

Securities Trading

Commercial Property

Asset Management

Wealth Management

Relevant Teams

Legal

Compliance

Finance

Operations

Risk Management

Business Development

Broker Relations

Account Management

Partnership Management

Treasury

Relevant Roles

Managing Director

Compliance Officer

Financial Controller

Head of Broking

Commission Manager

Business Development Manager

Operations Director

Legal Counsel

Risk Manager

Senior Broker

Partnership Manager

Account Manager

Finance Director

Relationship Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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