The Custody Contract is a fundamental agreement in the financial services industry, essential for establishing the legal framework under which a custodian bank or financial institution provides safekeeping and administration services for financial assets. This document is used when institutional investors, investment funds, or other financial entities require a qualified custodian to hold their assets in accordance with Belgian law and regulatory requirements. The contract encompasses crucial elements such as asset segregation, liability allocation, operational procedures, and regulatory compliance measures, particularly addressing requirements under Belgian financial services legislation and EU directives. It's designed to protect both the custodian and the client while ensuring clear service levels and responsibilities in the context of Belgian financial markets.
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1. Parties: Identification of the custodian and the client, including regulatory status and contact details
2. Background: Context of the custody arrangement and brief description of the services to be provided
3. Definitions and Interpretation: Detailed definitions of terms used in the agreement and rules of interpretation
4. Appointment and Scope of Services: Formal appointment of custodian and detailed description of core custody services
5. Duties and Responsibilities of the Custodian: Comprehensive listing of custodian's obligations including safekeeping, settlement, and record-keeping
6. Client Obligations: Client's responsibilities including provision of instructions and information
7. Securities and Cash Accounts: Details of account structure, segregation requirements, and account operation
8. Instructions and Communications: Procedures for giving and receiving instructions, authentication requirements
9. Fees and Expenses: Fee structure, payment terms, and reimbursable expenses
10. Tax Obligations: Treatment of tax matters, withholding obligations, and tax documentation
11. Representations and Warranties: Standard representations by both parties regarding capacity, authority, and compliance
12. Liability and Indemnification: Scope of liability, limitation of liability, and indemnification provisions
13. Confidentiality and Data Protection: Obligations regarding confidential information and compliance with GDPR
14. Term and Termination: Duration of agreement, termination rights, and consequences of termination
15. Governing Law and Jurisdiction: Belgian law as governing law and jurisdiction for disputes
1. Sub-Custodian Arrangements: Include when the custodian may need to appoint sub-custodians for specific markets or assets
2. Corporate Actions: Include for custody of equities requiring corporate action processing
3. Securities Lending: Include if securities lending services are offered
4. Reporting Requirements: Include detailed reporting section if client has specific reporting needs beyond standard requirements
5. Foreign Exchange Services: Include if FX services are part of the custody arrangement
6. Electronic Services: Include if providing online portal or electronic access to accounts
7. Force Majeure: Include detailed force majeure provisions if required by client or market conditions
8. Insurance: Include specific insurance requirements if requested by client
9. Anti-Money Laundering: Include detailed AML procedures if dealing with high-risk clients or jurisdictions
1. Schedule 1 - Service Level Agreement: Detailed operational procedures, cut-off times, and service standards
2. Schedule 2 - Fee Schedule: Detailed breakdown of fees, charges, and calculation methodologies
3. Schedule 3 - Authorized Persons: List of persons authorized to give instructions on behalf of the client
4. Schedule 4 - Markets and Sub-Custodians: List of markets served and appointed sub-custodians
5. Schedule 5 - Account Opening Forms: Required documentation for opening custody and cash accounts
6. Schedule 6 - Operating Procedures: Detailed procedures for settlements, corporate actions, and other operational matters
7. Appendix A - SWIFT Message Types: List of accepted SWIFT message types and formats for instructions
8. Appendix B - Reporting Formats: Ƶ and specifications for regular reporting
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