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Foreign Exchange Agreement

Foreign Exchange Agreement Template for Philippines

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Key Requirements PROMPT example:

Foreign Exchange Agreement

"I need a Foreign Exchange Agreement to be used between our bank and a multinational manufacturing client, incorporating electronic trading platform provisions and specific requirements for USD/PHP spot and forward transactions, to be implemented by March 2025."

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Document background
The Foreign Exchange Agreement is essential for entities engaging in foreign exchange transactions within the Philippine jurisdiction. It establishes the legal framework for currency trading activities while ensuring compliance with Bangko Sentral ng Pilipinas (BSP) regulations and relevant Philippine laws. This document is typically used when establishing trading relationships between financial institutions and their clients, or between two financial institutions. It covers crucial aspects such as trading mechanisms, settlement procedures, regulatory compliance, risk management, and reporting requirements. The agreement is particularly important given the BSP's strict oversight of foreign exchange transactions and the need to maintain stability in the Philippine foreign exchange market.
Suggested Sections

1. Parties: Identification of the parties entering into the agreement, including licensing and regulatory status

2. Background: Context of the agreement and relationship between the parties

3. Definitions: Definitions of technical terms, market conventions, and regulatory references used in the agreement

4. Scope of Services: Description of foreign exchange services covered under the agreement

5. Trading Arrangements: Procedures for executing forex transactions, including dealing methods and confirmation processes

6. Settlement and Payment: Terms and procedures for settlement of transactions, including payment instructions and cut-off times

7. Representations and Warranties: Standard representations regarding legal capacity, regulatory compliance, and authority to enter transactions

8. Risk Disclosures: Mandatory risk warnings and disclosures as required by Philippine regulations

9. Compliance with Regulations: Obligations to comply with BSP regulations and other applicable laws

10. Events of Default: Circumstances constituting default and consequences

11. Termination: Provisions for termination of the agreement and consequences

12. Governing Law and Jurisdiction: Philippine law as governing law and jurisdiction for disputes

Optional Sections

1. Electronic Trading Provisions: Include when electronic trading platforms will be used for transactions

2. Credit Support Arrangements: Include when collateral or margin requirements apply to transactions

3. Agency Trading: Include when one party may act as agent for third parties

4. Transaction-Specific Terms: Include for specific types of FX products (forwards, swaps, options)

5. Market Disruption: Include for handling market disruption events and force majeure

6. Additional Services: Include when offering advisory or other ancillary services

Suggested Schedules

1. Schedule 1 - Authorized Persons: List of authorized traders and signatories with specimen signatures

2. Schedule 2 - Standard Settlement Instructions: Account details and settlement procedures for each currency

3. Schedule 3 - Fee Schedule: Applicable fees, charges, and commission rates

4. Schedule 4 - Confirmation Forms: Standard forms for transaction confirmations

5. Appendix A - Risk Disclosure Statement: Detailed risk disclosures required by BSP regulations

6. Appendix B - Compliance Documents: Required regulatory forms and compliance certificates

7. Appendix C - Electronic Trading Terms: Detailed terms for electronic trading platform usage if applicable

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 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

Banking

Financial Services

International Trade

Investment Management

Corporate Treasury

Manufacturing

Import/Export

Retail

Technology

Commodities Trading

Relevant Teams

Treasury

Legal

Compliance

Risk Management

Finance

Operations

Trading

International Banking

Corporate Finance

Regulatory Affairs

Relevant Roles

Treasury Manager

FX Trader

Chief Financial Officer

Compliance Officer

Legal Counsel

Risk Manager

Finance Director

Treasury Operations Manager

Banking Relationship Manager

Corporate Treasurer

Financial Controller

Head of Trading

Regulatory Compliance Manager

International Business 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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