The Broker Contract Commission agreement is a crucial document for financial services businesses operating in Australia that engage brokers to distribute their products or services. This agreement type is commonly used by financial institutions, insurance companies, and other financial service providers to establish formal arrangements with brokers, ensuring compliance with Australian regulatory requirements including the Corporations Act 2001 and ASIC regulations. The document typically includes detailed commission structures, payment terms, compliance obligations, reporting requirements, and risk management provisions. It's particularly important in the context of recent regulatory changes following the Hayne Royal Commission, which has placed increased scrutiny on commission arrangements in the financial services sector. The agreement should be regularly reviewed and updated to ensure ongoing compliance with evolving regulatory requirements and industry standards.
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1. Parties: Identification of the principal company and the broker, including ACN/ABN and licensing details
2. Background: Context of the agreement, relationship between parties, and broker's general role
3. Definitions: Key terms used throughout the agreement, including types of products, commission types, and relevant regulatory terms
4. Appointment and Scope: Terms of broker appointment, territory/jurisdiction, and authorized activities
5. Broker Obligations: Core responsibilities, compliance requirements, and service standards
6. Commission Structure: Detailed explanation of commission calculations, rates, and payment terms
7. Payment Terms: Timing of payments, payment methods, and handling of commission adjustments
8. Compliance and Licensing: Regulatory compliance requirements, maintaining licenses, and following industry standards
9. Reporting and Records: Record-keeping requirements, reporting obligations, and audit rights
10. Confidentiality: Protection of confidential information and client data
11. Term and Termination: Duration of agreement and grounds for termination
12. Dispute Resolution: Process for handling disputes between parties
13. General Provisions: Standard contractual terms including governing law, notices, and amendments
1. Training and Support: Include when the principal provides specific training or support services to the broker
2. Marketing and Branding: Include when the broker is authorized to use the principal's branding or marketing materials
3. Professional Indemnity Insurance: Include when specific insurance requirements need to be detailed
4. Non-Compete Clause: Include when restrictions on working with competitors are required
5. Clawback Provisions: Include when commission recovery provisions apply for early termination of underlying products
6. Sub-broker Arrangements: Include when the broker is permitted to engage sub-brokers
7. Performance Targets: Include when minimum performance requirements or bonus structures apply
1. Commission Rates Schedule: Detailed breakdown of commission rates for different products and scenarios
2. Product List: List of authorized products the broker can sell or promote
3. Compliance Procedures: Detailed compliance requirements and procedures
4. Reporting Templates: Standard forms and templates for regular reporting
5. Service Level Requirements: Detailed service standards and performance metrics
6. Territory Definition: Detailed description of authorized geographic or market territory if applicable
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