The Broker Engagement Letter is a crucial document used in the Philippines to formalize the professional relationship between a licensed broker and their client. It serves as the foundational document that defines the scope of services, compensation structure, and responsibilities of both parties. This document is essential when engaging a broker for securities trading, real estate transactions, or other regulated brokerage services in the Philippines. The letter must comply with various Philippine regulations, including the Securities Regulation Code (for securities brokers) or the Real Estate Service Act (for real estate brokers), as well as anti-money laundering laws and data privacy requirements. It typically includes detailed service descriptions, fee structures, risk disclosures, and compliance obligations, making it a vital tool for establishing clear expectations and legal protections for both the broker and the client.
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1. Letter Header: Complete contact information of both parties, date, and reference number
2. Salutation and Introduction: Formal greeting and introductory paragraph establishing the purpose of the engagement
3. Scope of Services: Detailed description of brokerage services to be provided, including specific markets or asset classes covered
4. Broker's Obligations: Key responsibilities and duties of the broker, including regulatory compliance commitments
5. Client's Obligations: Requirements from the client, including information provision and cooperation
6. Fees and Commission Structure: Clear outline of all fees, commissions, and payment terms
7. Term and Termination: Duration of engagement and conditions for termination
8. Confidentiality: Obligations regarding confidential information handling
9. Compliance with Laws: Statement of compliance with relevant Philippine regulations and laws
10. Signature Block: Space for signatures, acknowledgment, and acceptance of terms
1. Risk Disclosures: Required for securities brokers, detailing potential investment risks
2. Anti-Money Laundering Provisions: Additional section for high-value transactions or when required by regulations
3. Online Trading Services: Include when offering electronic trading platforms or online services
4. International Trading: Required when offering cross-border trading services
5. Client Classification: Include when dealing with different categories of investors (retail/professional)
6. Conflict Resolution: Optional detailed dispute resolution procedures
7. Force Majeure: Include when dealing with market-sensitive transactions
1. Fee Schedule: Detailed breakdown of all applicable fees and commission structures
2. Service Level Agreement: Specific performance metrics and service standards
3. KYC Documentation Requirements: List of required client identification and verification documents
4. Risk Disclosure Statement: Detailed risk warnings and disclaimers as required by Philippine regulations
5. Trading Guidelines: Specific rules and procedures for trade execution and settlement
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Real Estate
Securities Trading
Investment Banking
Wealth Management
Commodities Trading
Insurance Brokerage
Corporate Finance
Property Development
Asset Management
Relevant Teams
Legal
Compliance
Risk Management
Operations
Client Services
Trading
Business Development
Due Diligence
Finance
Corporate Secretariat
Relevant Roles
Broker
Compliance Officer
Legal Counsel
Risk Manager
Chief Financial Officer
Investment Advisor
Wealth Manager
Operations Manager
Client Relationship Manager
Trading Manager
Business Development Director
Corporate Secretary
Due Diligence Officer
Portfolio Manager
Managing Director
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