Bank Repurchase Agreement Template for Austria

This document is an Austrian law-governed Bank Repurchase Agreement that establishes the legal framework for repurchase transactions between financial institutions. It complies with Austrian banking regulations, securities laws, and relevant EU directives, particularly the Financial Collateral Act (FinSG) and Securities Financing Transactions Regulation (SFTR). The agreement covers the sale and repurchase of securities, margin maintenance, default provisions, and close-out netting arrangements, while incorporating specific requirements of Austrian commercial and civil law. It includes provisions for collateral management, income payments, and risk mitigation measures required under Austrian regulatory framework.

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What is a Bank Repurchase Agreement?

The Bank Repurchase Agreement is a critical financial instrument used in the Austrian market for short-term secured lending between financial institutions. It enables parties to enter into transactions where securities are sold with a simultaneous commitment to repurchase equivalent securities at a future date for a specified price. This agreement, governed by Austrian law, incorporates requirements from the Austrian Banking Act (BWG), Securities Supervision Act (WAG 2018), and relevant EU regulations. It is particularly useful for liquidity management, securities financing, and collateralized borrowing operations. The document includes comprehensive provisions for margin maintenance, income payments, default scenarios, and close-out netting, while ensuring compliance with Austrian regulatory requirements and market practices.

What sections should be included in a Bank Repurchase Agreement?

1. Parties: Identification of the parties entering into the agreement

2. Background: Context of the agreement and brief description of the repo transaction structure

3. Definitions: Definitions of key terms used throughout the agreement

4. Sale and Purchase: Terms of the initial sale of securities from seller to buyer

5. Repurchase: Terms of the forward repurchase commitment

6. Income Payments: Treatment of income on purchased securities during the repo period

7. Margin Maintenance: Provisions for marking to market and margin transfers

8. Payment and Transfer: Mechanics of payments and securities transfers

9. Representations and Warranties: Standard and transaction-specific representations by both parties

10. Events of Default: Definition of default events and consequences

11. Close-out and Netting: Provisions for early termination and netting of obligations

12. Tax Provisions: Treatment of taxes and tax-related obligations

13. Notices: Communication requirements and contact details

14. Governing Law and Jurisdiction: Specification of Austrian law as governing law and jurisdiction provisions

15. General Provisions: Standard boilerplate clauses including amendments, assignments, etc.

What sections are optional to include in a Bank Repurchase Agreement?

1. Agency Provisions: Required when either party acts as agent for third parties

2. Buy/Sell Back Transactions: Include when parties want to allow for buy/sell back transactions

3. Foreign Exchange Risk: Required when securities and cash are in different currencies

4. Electronic Trading: Include when transactions may be conducted through electronic platforms

5. Force Majeure: Optional provisions for extraordinary events affecting performance

6. Custody Arrangements: Required when third-party custodians are involved

What schedules should be included in a Bank Repurchase Agreement?

1. Schedule 1 - Form of Confirmation: Standard form for confirming individual repo transactions

2. Schedule 2 - Eligible Securities: List and characteristics of securities eligible for repo transactions

3. Schedule 3 - Margin Ratios: Specific margin ratios applicable to different types of securities

4. Schedule 4 - Address for Notices: Detailed contact information for both parties

5. Schedule 5 - Operating Procedures: Detailed procedures for executing and settling transactions

6. Appendix A - Standard Market Practices: Reference to applicable market conventions and practices

7. Appendix B - Forms of Power of Attorney: Standard forms for powers of attorney if required

Authors

Alex Denne

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

Cost

Free to use

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