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Memorandum Account

Memorandum Account Template for Belgium

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Key Requirements PROMPT example:

Memorandum Account

"I need a Memorandum Account agreement under Belgian law for a corporate treasury relationship between our bank and a multinational manufacturing company, with electronic access provisions and multi-currency tracking capabilities to be implemented by March 2025."

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Document background
The Memorandum Account agreement is essential for financial institutions and their clients operating within the Belgian jurisdiction who require a formal structure for tracking and managing financial positions without creating actual cash movements. This document is typically used when parties need to maintain detailed records of financial obligations, entitlements, or positions without establishing a traditional bank account. The agreement ensures compliance with Belgian financial regulations, including the Financial Law of 2002 and the Banking Law of 2014, while providing a clear framework for account operation, reporting, and risk management. It is particularly relevant for scenarios involving internal accounting, tracking of contingent obligations, or monitoring of financial positions between parties.
Suggested Sections

1. Parties: Identification of the account provider and account holder with full legal details

2. Background: Context of the agreement and purpose of the memorandum account arrangement

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

4. Account Establishment: Terms and conditions for establishing and maintaining the memorandum account

5. Operating Procedures: Procedures for managing entries, reconciliation, and account operations

6. Reporting Requirements: Frequency and format of account statements and required reports

7. Rights and Obligations: Detailed responsibilities of both parties regarding the account

8. Security and Access: Security measures and access controls for the account

9. Fees and Charges: Any applicable fees, charges, and payment terms

10. Regulatory Compliance: Compliance requirements under Belgian law and regulations

11. Term and Termination: Duration of the agreement and termination provisions

12. Confidentiality: Confidentiality obligations regarding account information

13. Governing Law and Jurisdiction: Confirmation of Belgian law application and jurisdiction

Optional Sections

1. Electronic Services: Terms for electronic access and digital services, if provided

2. Third-Party Access: Terms governing access by authorized third parties or service providers

3. Foreign Currency Provisions: Special provisions for handling multiple currencies, if applicable

4. Interest Calculations: Terms for interest calculations if the account bears interest

5. Audit Rights: Specific audit provisions if required by either party

6. Data Protection: Additional data protection provisions beyond standard confidentiality

7. Force Majeure: Provisions for extraordinary circumstances affecting account operations

Suggested Schedules

1. Schedule 1 - Account Specifications: Detailed technical specifications of the memorandum account

2. Schedule 2 - Authorized Persons: List of authorized persons who can operate the account

3. Schedule 3 - Fee Schedule: Detailed breakdown of all applicable fees and charges

4. Schedule 4 - Reporting Templates: Standard templates for account statements and reports

5. Schedule 5 - Technical Requirements: Technical requirements for electronic access if applicable

6. Schedule 6 - Service Level Agreement: Detailed service levels and performance standards

7. Appendix A - Compliance Requirements: Detailed regulatory compliance requirements and procedures

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 | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Account Provider
Account Holder
Authorized Person
Banking Day
Business Day
Confidential Information
Credit Entry
Debit Entry
Effective Date
Electronic Access
Entry
Fee Schedule
Financial Year
Force Majeure Event
Governing Law
Initial Balance
Instructions
Interest Period
Memorandum Account
Operating Procedures
Parties
Regulatory Authority
Reporting Period
Security Procedures
Services
Statement
System
Term
Transaction
User Credentials
Value Date
Working Hours
Account Balance
Account Records
Applicable Law
Belgian Banking Law
Compliance Requirements
Data Protection Laws
Default Event
Financial Records
Intellectual Property Rights
Material Adverse Change
Notice
Representatives
Service Level Requirements
Termination Date
Third Party Provider
Clauses
Account Operation
Access Rights
Account Management
Anti-Money Laundering
Assignment
Audit Rights
Authority
Authorized Persons
Change Control
Compliance
Confidentiality
Data Protection
Dispute Resolution
Electronic Access
Entire Agreement
Fees and Charges
Force Majeure
Governing Law
Indemnification
Instructions
Interest
Liability
Notices
Record Keeping
Regulatory Compliance
Representations and Warranties
Reporting
Security
Severability
Statement Provision
Term and Termination
Third Party Rights
Waiver
Counterparts
Service Levels
Amendment
Further Assurance
Relevant Industries

Banking

Financial Services

Asset Management

Investment Services

Corporate Treasury

Insurance

Investment Banking

Fund Management

Private Banking

Corporate Banking

Relevant Teams

Treasury

Finance

Operations

Compliance

Risk Management

Legal

Financial Control

Audit

Financial Reporting

Client Services

Account Management

Relevant Roles

Treasury Manager

Financial Controller

Account Manager

Compliance Officer

Financial Operations Manager

Risk Manager

Banking Relationship Manager

Finance Director

Operations Director

Chief Financial Officer

Financial Reporting Manager

Audit Manager

Legal Counsel

Financial Services Manager

Industries
Belgian Civil Code (Code civil/Burgerlijk Wetboek): Fundamental law governing contracts, obligations, and general principles of civil law in Belgium
Belgian Financial Law of 2002: Regulates financial institutions and services, including requirements for account management and financial record-keeping
Belgian Accounting Law of 17 July 1975: Sets standards for accounting practices and financial record-keeping requirements for businesses
Belgian Anti-Money Laundering Law of 18 September 2017: Implements measures to prevent money laundering and terrorist financing, including requirements for financial tracking and reporting
GDPR and Belgian Data Protection Act of 30 July 2018: Governs the processing and protection of personal data, including financial information
Belgian Company Code: Regulates corporate entities and their operations, including financial responsibilities and reporting obligations
Belgian Banking Law of 25 April 2014: Governs banking activities and financial services, including requirements for account management and client relationships
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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