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Broker Commission Agreement

Broker Commission Agreement Template for Ireland

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Key Requirements PROMPT example:

Broker Commission Agreement

"I need a Broker Commission Agreement for an Irish insurance company expanding operations across EU countries, with provisions for both individual and corporate brokers, to be effective from March 2025."

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Document background
The Broker Commission Agreement is essential for financial services providers operating in Ireland who engage brokers or intermediaries to distribute their products or services. This document establishes the legal and commercial framework for the broker relationship, including commission structures, regulatory compliance requirements, and operational procedures. It ensures compliance with Irish financial services regulations, particularly the Investment Intermediaries Act 1995 and the Consumer Protection Code 2012, while also addressing EU-level requirements such as GDPR and MiFID II where applicable. The agreement is particularly important in sectors such as insurance, investment services, and banking, where intermediary relationships are common and heavily regulated.
Suggested Sections

1. Parties: Identification of the principal company and the broker, including regulatory registration numbers

2. Background: Context of the agreement and brief description of the business relationship

3. Definitions: Definitions of key terms used throughout the agreement

4. Appointment and Scope: Terms of broker appointment and scope of authorized services

5. Regulatory Compliance: Obligations to comply with relevant Irish and EU financial services regulations

6. Commission Structure: Basic framework for commission calculations and types

7. Payment Terms: Timing and method of commission payments, including any clawback provisions

8. Broker Obligations: Key responsibilities and performance requirements for the broker

9. Principal's Obligations: Key responsibilities of the principal company

10. Representations and Warranties: Standard declarations by both parties regarding capacity and compliance

11. Data Protection: GDPR compliance and data handling requirements

12. Confidentiality: Protection of confidential information and trade secrets

13. Term and Termination: Duration of agreement and termination provisions

14. Post-Termination: Rights and obligations that survive termination

15. General Provisions: Standard boilerplate clauses including governing law, notices, and assignment

Optional Sections

1. Training and Support: Include when principal provides specific training or support services to broker

2. Marketing and Branding: Include when broker is authorized to use principal's branding or marketing materials

3. Minimum Performance Requirements: Include when agreement includes specific sales targets or performance metrics

4. Sub-Brokers: Include when broker is permitted to appoint sub-brokers

5. Professional Indemnity Insurance: Include detailed insurance requirements beyond standard provisions

6. Anti-Money Laundering: Include detailed AML obligations when dealing with certain financial products

7. Dispute Resolution: Include specific arbitration or mediation procedures if desired

8. Non-Compete Provisions: Include restrictions on competing activities where appropriate

Suggested Schedules

1. Commission Rates: Detailed breakdown of commission rates for different products or services

2. Products and Services: List of authorized products and services covered by the agreement

3. Territory: Definition of geographical territory for broker's operations

4. Reporting Requirements: Templates and specifications for required reports

5. Service Level Agreement: Detailed performance metrics and service standards

6. Data Processing Agreement: Detailed GDPR-compliant data processing terms

7. Compliance Procedures: Specific compliance procedures and requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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

Insurance

Investment Management

Banking

Wealth Management

Real Estate

Commercial Finance

Mortgage Lending

Pension Services

Corporate Finance

Relevant Teams

Legal

Compliance

Sales

Distribution

Finance

Operations

Risk Management

Broker Relations

Commercial

Regulatory Affairs

Business Development

Partner Management

Relevant Roles

Chief Executive Officer

Head of Distribution

Compliance Officer

Legal Counsel

Sales Director

Business Development Manager

Broker Relationship Manager

Commission Operations Manager

Risk Manager

Financial Controller

Head of Partnerships

Commercial Director

Regulatory Affairs Manager

Operations Director

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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