The Intermediary Fee Agreement is a crucial document used in the South African financial services sector to formalize the commercial and regulatory relationship between financial service providers and their intermediaries. It is specifically designed to comply with South African legislation, particularly the FAIS Act, FICA, and relevant consumer protection laws. This agreement becomes necessary when engaging licensed intermediaries for financial services distribution, client acquisition, or advisory services. The document typically includes comprehensive fee structures, service levels, regulatory compliance requirements, and risk management provisions. It serves as both a commercial and compliance tool, ensuring transparent fee arrangements while meeting regulatory obligations in the South African financial services sector.
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1. Parties: Identification of the principal and the intermediary, including registration numbers and FAIS license details
2. Background: Context of the agreement and brief description of the business relationship
3. Definitions: Definitions of key terms used throughout the agreement, including regulatory terms
4. Appointment and Scope: Formal appointment of intermediary and detailed scope of authorized services
5. Duration: Term of the agreement, including commencement date and renewal provisions
6. Fee Structure: Detailed breakdown of fees, payment terms, and calculation methods
7. Obligations of the Intermediary: Intermediary's duties, including regulatory compliance and service standards
8. Obligations of the Principal: Principal's responsibilities and support commitments
9. Regulatory Compliance: FAIS Act compliance requirements and other regulatory obligations
10. Confidentiality: Protection of confidential information and trade secrets
11. Data Protection: POPIA compliance and data handling requirements
12. Termination: Termination rights, notice periods, and consequences
13. General Provisions: Standard legal clauses including notices, governing law, and dispute resolution
1. Non-Competition: Restrictions on competitive activities, used when intermediary has access to sensitive market information
2. Professional Indemnity: Insurance requirements, included when higher risk services are provided
3. Performance Targets: Specific performance metrics and incentives, used in performance-based fee arrangements
4. Sub-contracting: Terms for engaging sub-contractors, included when sub-contracting is permitted
5. Marketing and Branding: Rules for using principal's branding, included when intermediary represents principal to clients
6. Training Requirements: Specific training obligations, included for complex financial products
7. Reporting Requirements: Detailed reporting obligations, used for more complex intermediary relationships
1. Schedule 1: Fee Schedule: Detailed breakdown of all fees, commissions, and payment structures
2. Schedule 2: Services Description: Comprehensive list of authorized intermediary services and products
3. Schedule 3: Compliance Procedures: Specific compliance procedures and requirements
4. Schedule 4: Service Levels: Detailed service level requirements and performance metrics
5. Appendix A: Required Documentation: List of required regulatory and compliance documentation
6. Appendix B: Contact Details: Key contact information for both parties including compliance officers
7. Appendix C: Reporting Templates: Standard templates for required reports and notifications
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Insurance
Investment Management
Banking
Wealth Management
Asset Management
Securities Trading
Financial Advisory
Corporate Finance
Real Estate Finance
Relevant Teams
Legal
Compliance
Finance
Business Development
Risk Management
Operations
Commercial
Regulatory Affairs
Sales
Client Relations
Contract Administration
Relevant Roles
Compliance Officer
Legal Counsel
Financial Director
Business Development Manager
Risk Manager
Financial Advisory Manager
Operations Director
Relationship Manager
Chief Financial Officer
Regulatory Affairs Manager
Contract Manager
Financial Services Representative
Investment Consultant
Sales Director
Commercial Director
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