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Memorandum Account

Memorandum Account Template for England and Wales

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Key Requirements PROMPT example:

Memorandum Account

"I need a Memorandum Account agreement between our bank (First National Bank Ltd) and a corporate client (Tech Solutions plc) to track internal group transactions, with quarterly reporting requirements and an initial term of 3 years starting from January 2025."

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Document background
The Memorandum Account agreement is utilized when parties need to track financial positions without physical transfer of funds. This document, governed by English and Welsh law, is particularly relevant for internal accounting, group company arrangements, and situations requiring shadow accounting. The agreement details calculation methodologies, reporting requirements, and operational procedures while ensuring compliance with UK financial regulations. It serves as a crucial tool for financial institutions and corporations managing complex financial relationships where actual fund transfers are not necessary or desired.
Suggested Sections

1. Parties: Identification of account provider and account holder

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

3. Definitions: Key terms used throughout the agreement including relevant banking and accounting terminology

4. Account Operation: Core terms governing how the account operates, including posting of entries and maintenance

5. Recording and Reporting: Requirements for maintaining records and reporting, including frequency and format

6. Interest Calculations: Method and timing of interest calculations and applications

7. Fees and Charges: Details of any applicable fees or charges for account maintenance

8. Term and Termination: Duration of the arrangement and circumstances for termination

9. Governing Law and Jurisdiction: Specification of English and Welsh law as governing law and related jurisdictional provisions

Optional Sections

1. Currency Provisions: Required if multiple currencies are involved in the memorandum account arrangement

2. Third Party Rights: Rights of external parties to access account information or operate the account

3. Special Drawing Rights: Provisions for special drawing arrangements, typically used in institutional arrangements

4. Data Protection: Specific provisions regarding handling of personal data under UK GDPR and Data Protection Act 2018

5. Anti-Money Laundering: Specific provisions regarding AML compliance and monitoring

Suggested Schedules

1. Account Details Schedule: Technical details of the account arrangement including account numbers and operational parameters

2. Interest Rate Schedule: Detailed interest rate calculations, methodologies and examples

3. Authorized Signatories: List of persons authorized to operate the account and their signing authorities

4. Reporting Templates: Standard formats for regular reporting and account statements

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

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
Account Balance
Account Currency
Account Statement
Authorized Person
Banking Day
Business Day
Calculation Period
Commencement Date
Credit Entry
Debit Entry
Default Interest Rate
Effective Date
Interest Calculation Date
Interest Payment Date
Interest Period
Interest Rate
Memorandum Account Number
Nominated Account
Notice Period
Operating Procedures
Permitted Purpose
Reference Rate
Regulatory Authority
Reporting Currency
Settlement Date
Standard Interest Rate
Statement Period
Transaction
Transaction Date
Value Date
Industries

Financial Services and Markets Act 2000: Primary legislation governing financial services regulation in the UK, establishing regulatory framework and authorities

Companies Act 2006: Core company law legislation affecting corporate documentation and governance requirements

Consumer Rights Act 2015: Legislation protecting consumer rights, relevant if the memorandum account involves consumer relationships

Data Protection Act 2018 and UK GDPR: Legislation governing the processing and protection of personal data in the UK

Banking Act 2009: Legislation establishing the special resolution regime for banks and building societies

Payment Services Regulations 2017: Regulations governing payment services, including requirements for payment service providers

Financial Services (Banking Reform) Act 2013: Legislation implementing structural and cultural reforms to the UK banking sector

FCA Handbook: Comprehensive regulatory guide including BCOBS, SYSC, and PRIN, setting out detailed requirements for financial institutions

Money Laundering Regulations 2017: Regulations concerning anti-money laundering and counter-terrorist financing requirements

Proceeds of Crime Act 2002: Legislation dealing with money laundering and proceeds of crime

Unfair Contract Terms Act 1977: Legislation regulating unfair terms in contracts, particularly in standard form contracts

Misrepresentation Act 1967: Legislation governing false or misleading statements inducing contract formation

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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