Master Repurchase Agreement

Master Repurchase Agreement Template for Singapore

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Key Requirements PROMPT example:

"Need a Master Repurchase Agreement under Singapore law for a new trading relationship between our investment bank and a large pension fund, with specific provisions for agency transactions and forward trades to be effective from March 2025."

Document background

The Master Repurchase Agreement is essential for financial institutions engaging in repurchase transactions in Singapore's financial markets. It provides a comprehensive framework for documenting repo transactions, managing counterparty risk, and ensuring regulatory compliance. The agreement incorporates specific provisions required under Singapore law, including MAS regulations and the Securities and Futures Act. This standardized document includes terms for pricing, margin maintenance, default scenarios, and close-out netting, making it a crucial tool for financial institutions managing their liquidity and securities financing operations.

Suggested Sections

1. Parties: Identification of the parties entering into the agreement, including registration details and addresses

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

3. Definitions and Interpretation: Key terms used throughout the agreement and rules of interpretation

4. Purchase and Repurchase Obligations: Core obligations regarding the sale and repurchase of securities

5. Pricing and Payment Terms: Purchase price, repurchase price, and pricing differentials

6. Margin Maintenance: Requirements for maintaining margin and margin transfer obligations

7. Income Payments: Treatment of income on purchased securities

8. Events of Default: Circumstances constituting default and consequences

9. Close-out and Netting: Procedures for early termination and netting of obligations

10. Representations and Warranties: Standard representations by both parties

Optional Sections

1. Buy/Sell Back Transactions: Specific provisions for buy/sell back transactions when parties want to include buy/sell back transactions

2. Agency Transactions: Provisions for transactions where a party acts as agent for third parties

3. Forward Transactions: Provisions for forward-starting repurchase transactions when parties want to enter into forward-starting repos

4. Securities Lending: Additional provisions for securities lending transactions when parties want to include securities lending capabilities

Suggested Schedules

1. Schedule 1 - Form of Confirmation: Standard form for transaction confirmations

2. Schedule 2 - Base Currency: Specification of base currency for calculations

3. Schedule 3 - Eligible Securities: List of securities eligible for transactions

4. Schedule 4 - Margin Ratio: Agreed margin ratios for different security types

5. Schedule 5 - Agency Terms: Terms applicable to agency transactions

6. Appendix A - Supplemental Terms and Conditions: Additional terms specific to the parties' relationship

7. Appendix B - Required Notifications: Forms and procedures for required notices

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
Securities Trading
Asset Management
Insurance

Relevant Teams

Treasury
Trading
Legal
Risk Management
Compliance
Operations

Relevant Roles

Treasury Manager
Trading Director
Risk Manager
Legal Counsel
Compliance Officer

Industries

Securities and Futures Act (Cap. 289): Primary legislation governing securities and futures markets, including repurchase agreements and securities-based transactions in Singapore

Companies Act (Cap. 50): Key legislation governing corporate entities and their operations in Singapore, relevant for entity capacity and authority

Banking Act (Cap. 19): Regulatory framework for banking institutions in Singapore, including their participation in repo transactions

Monetary Authority of Singapore Act (Cap. 186): Establishes MAS's regulatory authority and oversight of financial institutions and markets

MAS Notice SFA 04-N13: Specific regulations on Risk Based Capital Adequacy Requirements for financial institutions

MAS Guidelines on Risk Management Practices: Regulatory guidance on risk management expectations for financial institutions in Singapore

Securities and Futures (Licensing and Conduct of Business) Regulations: Detailed requirements for conducting securities and futures business in Singapore

Bankruptcy Act (Cap. 20): Legislation governing bankruptcy proceedings and creditor rights in Singapore

Companies (Insolvency and Restructuring) Act: Framework for corporate insolvency and restructuring, crucial for default scenarios

Payment and Settlement Systems (Finality and Netting) Act: Legal framework ensuring finality of settlements and enforceability of netting arrangements

Contract Law of Singapore: Common law principles governing formation and enforcement of contracts in Singapore

Unfair Contract Terms Act (Cap. 396): Legislation controlling the use of unfair terms in contracts

GMRA Principles: International standard principles for Global Master Repurchase Agreements that influence local implementation

Basel Framework: International banking standards affecting capital requirements and risk management in repo transactions

IOSCO Principles: International securities regulation standards relevant to repo market operations

Anti-Money Laundering Regulations: Requirements for preventing money laundering in financial transactions

Counter-Terrorism Financing Requirements: Regulatory obligations to prevent terrorism financing through financial transactions

Personal Data Protection Act (PDPA): Data protection obligations affecting handling of personal information in financial agreements

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Authors

Alex Denne

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