The Securities Account Control Agreement is a crucial document in South African secured financing transactions, used when a lender requires security over financial assets held in a securities account. This agreement creates and perfects the security interest by establishing control over the account, which is essential under South African law for the secured party's rights to be effectively protected. The agreement complies with the Financial Markets Act 19 of 2012 and related regulations, detailing the mechanisms for control, the roles and responsibilities of each party, and the procedures for exercising rights over the account. It is particularly important in corporate lending, asset management, and investment scenarios where securities accounts serve as collateral. The document typically includes detailed provisions for account management, instruction protocols, and default scenarios, ensuring clarity and enforceability under South African jurisdiction.
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1. Parties: Identification of all parties to the agreement: the Account Holder (Debtor), the Secured Party (typically a lender), and the Securities Intermediary
2. Background: Context of the agreement, including reference to any related security agreements and the purpose of establishing control over the securities account
3. Definitions: Definitions of key terms used throughout the agreement, including technical terms related to securities, control, and account management
4. Account Control and Security: Establishment of control over the securities account and the nature of the security interest
5. Rights and Obligations of Securities Intermediary: Detailed responsibilities of the securities intermediary regarding account maintenance, following instructions, and maintaining control
6. Rights and Obligations of Secured Party: Powers and responsibilities of the secured party, including right to give instructions and exercise control
7. Rights and Obligations of Account Holder: Limitations and remaining rights of the account holder regarding the securities account
8. Instructions and Notice Requirements: Procedures for giving and following instructions regarding the account, including format and timing requirements
9. Representations and Warranties: Standard representations and warranties from each party regarding authority, capacity, and account status
10. Events of Default: Circumstances constituting default and triggering enforcement rights
11. Fees and Expenses: Allocation of costs and fees associated with maintaining the account and agreement
12. Term and Termination: Duration of the agreement and circumstances allowing termination
13. General Provisions: Standard legal provisions including governing law, jurisdiction, amendments, and notices
1. Regulatory Compliance: Additional section needed when dealing with regulated entities or specific regulatory requirements, detailing compliance obligations
2. Foreign Securities: Required when the account includes foreign securities, addressing specific requirements and risks
3. Electronic Communications: Detailed provisions for electronic instruction and communication methods when parties agree to use digital platforms
4. Custodial Arrangements: Required when involving additional custodians or sub-custodians
5. Tax Provisions: Specific tax-related provisions when tax implications are significant or complex
6. Multiple Secured Parties: Required when there are multiple secured parties, establishing priority and coordination among them
1. Account Details: Specific identification and details of the securities account(s) covered by the agreement
2. Authorized Persons: List of individuals authorized to give instructions on behalf of each party
3. Fee Schedule: Detailed breakdown of all fees and charges applicable under the agreement
4. Operating Procedures: Detailed procedures for account operations, instructions, and communications
5. Form of Instructions: Standard forms or formats for various types of instructions under the agreement
6. Notice Details: Contact information and notice requirements for all parties
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