The Sell Buy Back Agreement is a critical document used in securities financing transactions under Hong Kong law. It is employed when parties wish to enter into a transaction involving the temporary transfer of securities against cash with a commitment to reverse the transaction at a future date. This agreement is particularly useful for liquidity management, financing of securities positions, and yield enhancement strategies. The document includes detailed provisions for pricing, margin maintenance, income payments, and default scenarios, while ensuring compliance with Hong Kong regulatory requirements including the Securities and Futures Ordinance and Banking Ordinance. It is commonly used by financial institutions, investment firms, and corporate treasuries operating in the Hong Kong market.
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1. Parties: Identification of seller and buyer with full legal names and addresses
2. Background: Context of the agreement and relationship between parties
3. Definitions and Interpretation: Key terms used in the agreement, including financial terms, pricing mechanisms, and market terminology
4. Sale and Repurchase: Core transaction terms including initial sale and commitment to repurchase
5. Purchase Price and Repurchase Price: Calculation methodologies, pricing components, and payment terms
6. Transfer of Title and Risk: Provisions regarding ownership transfer and risk allocation
7. Margin Maintenance: Requirements for margin calls and margin transfers
8. Income Payments: Treatment of dividends, interest, or other income on the securities
9. Payment and Transfer: Mechanics and timing of payments and securities transfers
10. Events of Default: Definition of default events and consequences
11. Tax Provisions: Tax implications and responsibilities
12. Representations and Warranties: Standard and transaction-specific representations
13. Termination: Termination events and procedures
14. Governing Law and Jurisdiction: Specification of Hong Kong law and jurisdiction provisions
1. Substitution: Optional provision allowing substitution of securities, include if parties want flexibility to change securities during the transaction
2. Agency Provisions: Include when either party acts as agent rather than principal
3. Force Majeure: Additional provisions for market disruption or extraordinary events
4. Buy-in Procedures: Include if parties want specific procedures for buying in securities upon failure to deliver
5. Electronic Trading Provisions: Include if transactions will be executed through electronic platforms
6. Netting Provisions: Include if parties want to enable cross-transaction netting
7. Break Costs: Include if parties want specific provisions for early termination costs
1. Schedule 1 - Form of Confirmation: Standard form for transaction confirmations
2. Schedule 2 - Eligible Securities: List and characteristics of securities eligible for transactions
3. Schedule 3 - Pricing Sources: Agreed sources for market pricing and calculations
4. Schedule 4 - Contact Details: Administrative and operational contact information
5. Schedule 5 - Legal Opinions: Form of required legal opinions
6. Appendix A - Standard Settlement Instructions: Payment and securities settlement instructions
7. Appendix B - Forms of Notices: Standard forms for margin calls, substitution notices, and other communications
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