The Securities Account Control Agreement is a crucial document in secured financing transactions under Danish law, used when securities accounts serve as collateral. This agreement is essential for establishing perfection through control over financial collateral arrangements, as required by the Danish Financial Collateral Act and related EU regulations. The document is typically used in connection with loan agreements, security arrangements, or other financing transactions where securities accounts serve as collateral. It contains detailed provisions regarding account control mechanisms, operational procedures, and the rights and obligations of all parties involved. The agreement must comply with specific requirements under Danish financial regulations and EU directives, particularly regarding the perfection of security interests in financial instruments and the protection of collateral arrangements in insolvency scenarios.
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Key Requirements PROMPT example:
Securities Account Control Agreement
I need a Securities Account Control Agreement under Danish law for a multi-account arrangement between Nordic Investment Bank (as Account Holder), Deutsche Bank (as Securities Intermediary), and BNP Paribas (as Secured Party), with special provisions for voting rights and foreign securities trading to be effective from March 1, 2025.
1. Parties: Identifies the Account Holder, Secured Party, and Securities Intermediary/Account Bank
2. Background: Explains the security arrangement and relationship between parties
3. Definitions: Defines key terms including Account, Securities, Control, and Collateral
4. Account Control and Security: Establishes the security interest and control arrangement over the Securities Account
5. Securities Intermediary's Rights and Obligations: Details the Account Bank's obligations regarding account maintenance and instructions
6. Account Holder's Rights and Restrictions: Specifies the Account Holder's permitted activities and limitations regarding the account
7. Secured Party's Rights: Outlines the Secured Party's control rights and instruction capabilities
8. Priority of Instructions: Establishes hierarchy of instructions between Secured Party and Account Holder
9. Representations and Warranties: Standard representations from all parties regarding authority, capacity, and account status
10. Notice of Exclusive Control: Procedures for implementing exclusive control by Secured Party upon default
11. Fees and Expenses: Allocation of costs and fees related to account maintenance and agreement
12. Termination: Conditions and process for terminating the agreement
13. Governing Law and Jurisdiction: Specifies Danish law application and jurisdiction for disputes
14. Miscellaneous: Standard provisions including notices, amendments, and severability
1. Multiple Accounts: Additional provisions when agreement covers multiple securities accounts
2. Foreign Securities: Special provisions for non-Danish securities held in the account
3. Voting Rights: Provisions regarding exercise of voting rights attached to securities
4. Income and Distributions: Treatment of dividends, interest, and other distributions
5. Third Party Rights: Provisions addressing rights of third parties under Danish law
6. Tax Provisions: Special tax-related provisions if required for specific securities
7. Electronic Communications: Specific provisions for electronic instruction and communication methods
8. Force Majeure: Provisions dealing with extraordinary events affecting account access or control
1. Account Details: Specific identification of securities account(s) and sub-accounts covered
2. Authorized Persons: List of individuals authorized to give instructions for each party
3. Notice Information: Contact details and procedures for all parties
4. Form of Notice of Exclusive Control: Template for Secured Party's notice of exclusive control
5. Fee Schedule: Detailed breakdown of applicable fees and charges
6. Operating Procedures: Detailed procedures for account operation and instruction transmission
7. Form of Securities Intermediary Certificate: Template for periodic account confirmations
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Investment Management
Securities Trading
Corporate Finance
Asset Management
Private Equity
Insurance
Pension Funds
Investment Banking
Relevant Teams
Legal
Treasury
Securities Operations
Compliance
Risk Management
Account Management
Credit
Transaction Management
Securities Services
Custodial Operations
Finance
Investment Management
Portfolio Management
Relevant Roles
Legal Counsel
Finance Director
Treasury Manager
Collateral Manager
Securities Operations Manager
Compliance Officer
Risk Manager
Account Relationship Manager
Credit Risk Officer
Transaction Manager
Securities Services Director
Custodial Operations Manager
Chief Financial Officer
Investment Manager
Portfolio Manager
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