The Sub Broker Agreement is essential for securities trading operations in Nigeria, where main brokers often expand their market reach through authorized sub-brokers. This document is required when a licensed securities broker wishes to engage a sub-broker to conduct securities trading activities under their supervision. The agreement must comply with the Investment and Securities Act 2007, SEC Nigeria regulations, and Nigerian Stock Exchange rules. It typically includes comprehensive details about trading permissions, compliance requirements, risk management procedures, compensation arrangements, and reporting obligations. The document is particularly important in the Nigerian context due to the stringent regulatory framework governing securities market intermediaries and the need to maintain proper oversight of all trading activities.
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1. Parties: Identification of the main broker and sub-broker, including licensing details and registered addresses
2. Background: Context of the agreement, including the main broker's authority and sub-broker's qualifications
3. Definitions: Key terms used throughout the agreement, including regulatory terminology
4. Appointment and Scope: Terms of appointment and authorized activities of the sub-broker
5. Regulatory Compliance: Obligations to comply with SEC rules, securities laws, and other applicable regulations
6. Sub-broker Obligations: Core duties, responsibilities, and service standards
7. Main Broker Obligations: Support, systems access, and resources provided by the main broker
8. Client Relationships: Guidelines for client engagement and relationship management
9. Compensation: Commission structure, payment terms, and fee arrangements
10. Compliance and Reporting: Regular reporting requirements and compliance monitoring procedures
11. Confidentiality: Protection of confidential information and trade secrets
12. Risk Management: Risk control measures and trading limits
13. Term and Termination: Duration of agreement and termination provisions
14. General Provisions: Standard clauses including notices, amendments, and governing law
1. Training Requirements: Specific training obligations when the sub-broker needs initial or ongoing training
2. Technology Systems: Details of trading platforms and technology requirements when specific systems are used
3. International Trading: Additional provisions for sub-brokers handling international securities
4. Research Services: Terms for providing research services if applicable
5. Marketing Guidelines: Rules for marketing and promotional activities if permitted
6. Non-Compete Provisions: Restrictions on competitive activities where required
7. Insurance Requirements: Specific insurance coverage requirements beyond standard provisions
1. Commission Schedule: Detailed breakdown of commission rates and fee structures
2. Authorized Personnel: List of authorized representatives and traders
3. Operating Procedures: Detailed operational processes and procedures
4. Compliance Manual: Specific compliance requirements and procedures
5. Required Reports: Templates and formats for required regulatory and operational reports
6. Trading Limits: Specific trading and position limits
7. Technology Specifications: Technical requirements and system specifications
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