The Global Master Repurchase Agreement (GMRA) serves as the primary legal framework for conducting repurchase and reverse repurchase transactions in the Philippine financial markets. This document is essential for financial institutions engaging in securities financing transactions, providing standardized terms and conditions while incorporating specific requirements of Philippine law and regulations. It is designed to comply with BSP Circular No. 1062 on repo transactions and relevant SEC regulations, while also aligning with international best practices. The agreement is typically used when parties wish to establish a long-term relationship for conducting multiple repo transactions, covering aspects such as margin maintenance, default handling, close-out netting, and regulatory reporting requirements. It includes specific provisions addressing local market conditions and regulatory requirements while maintaining consistency with global standards for repo trading.
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1. Parties: Identification of the contracting parties and their legal capacity
2. Background: Context of the agreement and general purpose of entering into repo transactions
3. Definitions: Comprehensive definitions of terms used throughout the agreement
4. Scope and Application: General scope of the agreement and types of transactions covered
5. Initiation and Confirmation: Process for initiating transactions and confirmation requirements
6. Margin Maintenance: Procedures for calculating and maintaining margin requirements
7. Income Payments: Treatment of income received on purchased securities
8. Payment and Transfer: Mechanics of payments and securities transfers
9. Events of Default: Definition of default events and consequences
10. Tax Event: Treatment of tax-related issues and obligations
11. Interest Rate: Calculation and payment of interest on cash margins
12. Representations and Warranties: Standard representations and warranties of the parties
13. Termination and Close-out: Procedures for termination and close-out netting
14. Notices and Other Communications: Communication requirements and procedures
15. Governing Law and Jurisdiction: Choice of law and jurisdiction provisions
16. Miscellaneous: General boilerplate provisions
1. Agency Transactions: Required when parties may act as agents for third parties
2. Buy/Sell Back Transactions: Include when parties intend to enter into buy/sell back transactions
3. Forward Transactions: Required for agreements covering forward-starting repo transactions
4. Electronic Trading: Include when parties will use electronic trading platforms
5. Force Majeure: Optional clause for jurisdictions where force majeure is not implied by law
6. Local Law Requirements: Specific provisions required by Philippine law
7. Foreign Exchange Provisions: Required for cross-border transactions involving currency exchange
1. Schedule A - Form of Confirmation: Standard form for transaction confirmations
2. Schedule B - Agency Provisions: Detailed provisions for agency transactions
3. Schedule C - Buy/Sell Back Provisions: Specific terms for buy/sell back transactions
4. Schedule D - Net Paying Securities: Provisions for securities subject to tax withholding
5. Schedule E - BSP Requirements: Specific requirements under Bangko Sentral ng Pilipinas regulations
6. Annex I - Eligible Securities: List and characteristics of securities eligible for transactions
7. Annex II - Contact Details: Contact information for notices and communications
8. Annex III - Forms of Power of Attorney: Standard forms for powers of attorney when required
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Securities Trading
Investment Management
Insurance
Public Sector Finance
Corporate Treasury
Asset Management
Capital Markets
Financial Technology
Relevant Teams
Legal
Compliance
Treasury
Risk Management
Trading
Operations
Finance
Regulatory Affairs
Documentation
Securities Operations
Portfolio Management
Transaction Management
Relevant Roles
Treasury Manager
Legal Counsel
Compliance Officer
Risk Manager
Trading Manager
Portfolio Manager
Securities Operations Manager
Chief Financial Officer
Chief Risk Officer
Legal Director
Repo Trader
Securities Dealer
Documentation Specialist
Regulatory Compliance Manager
Treasury Operations Manager
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