Termination Of Broker Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Termination Of Broker Agreement

"I need a Termination of Broker Agreement for a mutual separation with our Hong Kong-based securities broker, with a planned termination date of March 15, 2025, including provisions for a 30-day transition period and detailed commission settlement procedures."

Document background

The Termination of Broker Agreement is a crucial document used when ending a formal business relationship between a company and its appointed broker in Hong Kong. It becomes necessary when either party wishes to end their broker arrangement, whether due to business restructuring, performance issues, regulatory requirements, or mutual agreement. The document must comply with Hong Kong's regulatory framework, particularly the Securities and Futures Commission (SFC) requirements, and addresses key aspects such as final commission settlements, handling of client relationships, confidentiality obligations, and post-termination responsibilities. This agreement is essential for ensuring a clean break while protecting both parties' interests and maintaining regulatory compliance.

Suggested Sections

1. Parties: Identification of the principal company and the broker, including their registered addresses and license numbers

2. Background: Reference to the original broker agreement, its date, and the context for termination

3. Definitions: Key terms used in the termination agreement, including references to defined terms from the original agreement

4. Termination Date: Specific date when the broker agreement will terminate and cessation of broker services

5. Outstanding Obligations: Details of any pending transactions, commissions, or obligations that need to be fulfilled

6. Return of Materials: Requirements for return of company property, documentation, and client information

7. Final Account Settlement: Process for calculating and settling final payments, including outstanding commissions

8. Confidentiality Obligations: Continuation of confidentiality obligations post-termination

9. Non-Solicitation: Restrictions on soliciting clients or employees post-termination

10. Release and Waiver: Mutual release of claims related to the broker agreement

11. Survival Clauses: Identification of provisions that survive termination

12. Governing Law: Confirmation of Hong Kong law as governing law and jurisdiction

Optional Sections

1. Transition Period: Include when there needs to be a handover period for ongoing transactions or client relationships

2. Client Notification: Include when specific procedures for notifying clients need to be documented

3. Non-Compete Provisions: Include when there are post-termination competitive restrictions to be enforced

4. Dispute Resolution: Include when specific dispute resolution procedures are needed beyond standard court jurisdiction

5. Insurance: Include when there are specific requirements regarding maintenance of professional indemnity insurance post-termination

6. Data Protection: Include when detailed provisions for handling personal data post-termination are required

7. Intellectual Property: Include when there are IP rights or materials that need specific handling post-termination

Suggested Schedules

1. Schedule 1 - Outstanding Transactions: List of pending transactions and their status

2. Schedule 2 - Commission Calculation: Detailed calculation of final commission payments

3. Schedule 3 - Company Property: Inventory of materials and property to be returned

4. Schedule 4 - Client Accounts: List of affected client accounts and handling instructions

5. Appendix A - Handover Checklist: Detailed checklist for completion of termination process

6. Appendix B - Release Form: Form documenting mutual release of claims

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Financial Services

Securities Trading

Investment Banking

Insurance Brokerage

Real Estate

Commodities Trading

Wealth Management

Asset Management

Corporate Finance

Investment Advisory

Relevant Teams

Legal

Compliance

Risk Management

Operations

Finance

Business Development

Regulatory Affairs

Broker Relations

Client Services

Contract Management

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Chief Operating Officer

Compliance Officer

Legal Counsel

Head of Business Development

Broker Relations Manager

Risk Manager

Operations Director

Account Manager

Compliance Manager

Contract Manager

Business Development Director

Regulatory Affairs Officer

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Let's create your Termination Of Broker Agreement

Authors

Alex Denne

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