Broker To Broker Commission Agreement

Broker To Broker Commission Agreement Template for Ireland

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Key Requirements PROMPT example:

"I need a Broker to Broker Commission Agreement for an Irish insurance broker planning to collaborate with a UK-based broker, with a 60-40 commission split and specific provisions for post-Brexit regulatory compliance, to be effective from March 2025."

Document background

The Broker to Broker Commission Agreement is essential for regulated financial intermediaries in Ireland who wish to formalize their commission sharing arrangements. This document is typically used when brokers agree to cross-refer business or collaborate on client services, requiring a clear framework for commission allocation and payment procedures. The agreement must comply with Irish financial services regulations, including the Investment Intermediaries Act 1995, the Consumer Protection Code 2012, and relevant Central Bank of Ireland directives. It includes detailed provisions for regulatory compliance, operational procedures, data protection, and dispute resolution mechanisms. The document is particularly important in situations where brokers operate in regulated sectors and need to ensure their collaboration aligns with regulatory requirements while protecting their commercial interests.

Suggested Sections

1. Parties: Identification of the participating brokers, including their regulatory status and authorizations

2. Background: Context of the agreement and the nature of the broker relationship

3. Definitions: Key terms used throughout the agreement, including types of business, commission, and relevant regulatory terms

4. Scope of Agreement: Details of the business relationship and types of transactions covered

5. Commission Structure: Terms of commission sharing, calculation methods, and payment procedures

6. Obligations and Responsibilities: Each party's duties, including regulatory compliance and service standards

7. Payment Terms: Timing of payments, payment methods, and handling of disputes over commission

8. Regulatory Compliance: Commitments to comply with relevant regulations and maintaining necessary authorizations

9. Confidentiality: Protection of confidential information and trade secrets

10. Data Protection: GDPR compliance and data handling procedures

11. Term and Termination: Duration of agreement and circumstances for termination

12. Dispute Resolution: Procedures for resolving disagreements

13. Governing Law: Confirmation of Irish law as governing law and jurisdiction

14. General Provisions: Standard boilerplate clauses including notices, amendments, and severability

Optional Sections

1. Non-Solicitation: Restrictions on soliciting each other's clients or employees, used when parties want to protect their client base

2. White Labeling: Terms for using each other's branding, needed when one broker markets another's services under their own brand

3. Professional Indemnity: Additional insurance requirements, included when dealing with high-risk or high-value transactions

4. Marketing and Promotion: Terms for joint marketing activities, included when parties plan collaborative marketing efforts

5. Training and Support: Provisions for technical or operational support, relevant when one broker provides systems or training to the other

6. Exclusivity: Terms of exclusive arrangements, used when parties agree to work exclusively in certain areas or with certain products

7. Anti-Money Laundering: Detailed AML procedures, included when dealing with high-risk products or jurisdictions

Suggested Schedules

1. Commission Rates Schedule: Detailed breakdown of commission rates for different products or services

2. Products and Services Schedule: List of products and services covered by the agreement

3. Operating Procedures: Detailed procedures for handling referrals, payments, and communications

4. Compliance Requirements: Specific regulatory requirements and compliance procedures

5. Service Level Agreement: Performance standards and metrics for service delivery

6. Approved Communications Template: Standard forms and templates for client communications

7. Data Processing Agreement: Detailed GDPR-compliant data processing terms

Authors

Alex Denne

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Insurance

Financial Services

Real Estate

Investment Banking

Mortgage Lending

Wealth Management

Corporate Finance

Reinsurance

Securities Trading

Commercial Property

Relevant Teams

Legal

Compliance

Business Development

Operations

Finance

Risk Management

Broker Relations

Partnerships

Regulatory Affairs

Commission Processing

Relevant Roles

Managing Director

Compliance Officer

Business Development Manager

Chief Executive Officer

Head of Partnerships

Legal Counsel

Risk Manager

Operations Director

Finance Director

Regulatory Affairs Manager

Commission Manager

Broker Relations Manager

Partnership Development Executive

Chief Operating Officer

Head of Broker Services

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