The Security Lending Agreement serves as the primary contractual framework for securities lending transactions in the Nigerian financial market. This document is essential when financial institutions engage in the temporary transfer of securities, typically for purposes such as short selling, coverage of settlement failures, or market making activities. The agreement comprehensively addresses regulatory requirements under Nigerian law, including compliance with the Investments and Securities Act 2007 and relevant SEC Rules. It establishes detailed provisions for collateral management, transaction procedures, rights and obligations of parties, and risk mitigation measures. The document is structured to accommodate various types of securities lending arrangements while ensuring adherence to local regulatory requirements and market practices.
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Key Requirements PROMPT example:
Security Lending Agreement
"I need a Security Lending Agreement for a Nigerian bank acting as lender to multiple broker-dealers, with specific provisions for automated trading platforms and a triparty collateral arrangement with an international custodian bank."
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1. Parties: Identification of the lender and borrower, including their regulatory status and authority to enter into the agreement
2. Background: Context of the agreement and general purpose of the security lending arrangement
3. Definitions and Interpretation: Detailed definitions of terms used throughout the agreement and interpretation rules
4. Loans of Securities: Core provisions governing the lending and borrowing of securities, including loan procedures and requirements
5. Collateral Requirements: Provisions regarding posting, maintaining, and returning collateral, including margin requirements
6. Income and Corporate Actions: Treatment of dividends, interest, and other corporate actions affecting loaned securities
7. Rates and Fees: Lending fees, rebate rates, and other applicable charges
8. Tax Provisions: Tax obligations, withholding requirements, and indemnities related to tax
9. Representations and Warranties: Standard and specific representations by both parties
10. Events of Default: Definition of events of default and consequences
11. Set-off and Close-out: Rights and procedures for set-off and closing out positions
12. Indemnification: Mutual indemnification provisions
13. Term and Termination: Duration of agreement and termination rights
14. Notices: Communication procedures and contact details
15. Governing Law and Jurisdiction: Nigerian law as governing law and jurisdiction provisions
1. Agency Lending Provisions: Additional provisions when either party acts as agent for underlying principals
2. Custody Arrangements: Specific provisions when a third-party custodian is involved
3. Electronic Trading Platform: Provisions for using electronic trading systems for loan transactions
4. Sharia Compliance: Additional provisions for Islamic finance compliance
5. Market Disruption: Provisions dealing with market disruption events
6. Automatic Early Termination: Provisions for automatic termination upon certain trigger events
7. Non-Cash Collateral: Specific provisions for handling non-cash collateral
1. Schedule 1 - Eligible Securities: List of securities eligible for lending under the agreement
2. Schedule 2 - Eligible Collateral: Approved forms of collateral and applicable haircuts
3. Schedule 3 - Operating Procedures: Detailed procedures for loan initiation, maintenance, and termination
4. Schedule 4 - Fee Schedule: Detailed breakdown of fees and calculation methods
5. Schedule 5 - Form of Loan Confirmation: Standard form for confirming individual loan transactions
6. Schedule 6 - Contact Details: Detailed contact information for various functions
7. Schedule 7 - Tax Documentation: Required tax forms and documentation
8. Appendix A - Required Regulatory Disclosures: Mandatory disclosures required under Nigerian securities laws
9. Appendix B - Form of Power of Attorney: Standard form of power of attorney if required
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Investment Management
Securities Trading
Asset Management
Pension Fund Management
Insurance
Broker-Dealer Services
Custody Services
Investment Banking
Relevant Teams
Legal
Compliance
Securities Trading
Risk Management
Operations
Collateral Management
Investment
Treasury
Settlement
Portfolio Management
Regulatory Affairs
Documentation
Relevant Roles
Legal Counsel
Compliance Officer
Securities Trading Manager
Risk Manager
Operations Director
Collateral Manager
Investment Officer
Treasury Manager
Settlement Officer
Portfolio Manager
Chief Investment Officer
Head of Securities Lending
Legal Director
Chief Risk Officer
Regulatory Compliance Manager
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