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Representative Form Ircc Template for Hong Kong

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Key Requirements PROMPT example:

Representative Form Ircc

"I need a Representative Form IRCC for our Hong Kong asset management firm to appoint ABC Securities Limited as our IRCC representative, with specific provisions for handling both institutional and retail clients, to be effective from March 1, 2025."

Document background
The Representative Form IRCC is a crucial document used in Hong Kong's financial services sector to formalize the appointment of Independent Registered Contract Counterparties. This document type is specifically designed to meet the regulatory requirements of the Hong Kong Securities and Futures Commission (SFC) and ensures compliance with the Securities and Futures Ordinance (Cap. 571). It is typically employed when a principal entity needs to appoint an IRCC for conducting regulated activities in Hong Kong's financial markets. The agreement comprehensively covers aspects such as regulatory compliance, scope of authority, risk management, reporting obligations, and professional conduct standards. It serves as both a regulatory compliance tool and a contractual framework that protects all parties' interests while maintaining alignment with Hong Kong's financial regulatory regime.
Suggested Sections

1. Parties: Identification of the Principal and the Representative IRCC, including full legal names, registration numbers, and registered addresses

2. Background: Context of the appointment and brief description of the parties' business activities

3. Definitions: Key terms used throughout the agreement, including regulatory terms specific to Hong Kong securities law

4. Appointment and Scope: Formal appointment of the IRCC and detailed scope of representation authority

5. Regulatory Compliance: Obligations to comply with Hong Kong securities laws and regulations, particularly SFO requirements

6. Duties and Responsibilities: Specific duties of the IRCC, including reporting, record-keeping, and client interaction obligations

7. Term and Termination: Duration of the appointment and circumstances under which it can be terminated

8. Confidentiality: Obligations regarding confidential information and compliance with privacy laws

9. Indemnification: Mutual indemnification provisions and liability limitations

10. Governing Law and Jurisdiction: Specification of Hong Kong law as governing law and jurisdiction for disputes

Optional Sections

1. Foreign Law Compliance: Additional provisions for cross-border activities, used when the IRCC operates in multiple jurisdictions

2. Professional Insurance: Requirements for professional indemnity insurance, included when specifically required by the nature of services

3. Sub-delegation: Terms for appointing sub-representatives, included when sub-delegation is permitted

4. Service Levels: Specific performance metrics and standards, included for more complex representation arrangements

5. Data Protection: Enhanced data protection provisions, included when handling sensitive personal data

6. Force Majeure: Provisions for unforeseen circumstances, included for longer-term arrangements

Suggested Schedules

1. Schedule 1 - Scope of Services: Detailed description of authorized activities and representation scope

2. Schedule 2 - Fee Schedule: Breakdown of fees, charges, and payment terms

3. Schedule 3 - Compliance Requirements: Specific regulatory requirements and compliance procedures

4. Schedule 4 - Authorized Personnel: List of authorized representatives and their credentials

5. Appendix A - Required Forms: Standard forms and documentation required for the representation

6. Appendix B - Reporting Templates: Templates for required periodic reports and notifications

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions








































Clauses
































Relevant Industries

Financial Services

Securities Trading

Investment Banking

Asset Management

Corporate Finance

Wealth Management

Financial Technology

Professional Services

Banking

Insurance

Relevant Teams

Legal

Compliance

Risk Management

Operations

Regulatory Affairs

Finance

Corporate Governance

Investment Operations

Client Services

Due Diligence

Relevant Roles

Compliance Officer

Legal Counsel

Risk Manager

Chief Operating Officer

Regulatory Affairs Director

Company Secretary

Financial Controller

Operations Manager

Chief Executive Officer

Head of Trading

Investment Manager

Relationship Manager

Due Diligence Officer

Regulatory Reporting Manager

Industries







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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