Updated Umbrella Agreement for financial transactions with investment companies

The German Bankers Association has published a revised Umbrella Agreement for Financial Transactions with German investment management companies. The modernisation of the documentation takes account of current legal developments around the KAGB and corresponding European regulations and is intended to place the business relationships between banks and investment companies on a new and up-to-date contractual basis.

The new Umbrella Agreement replaces the German and Luxembourg versions from 2014, 2016 and 2018, which previously stood side by side, and also expands the group of jurisdictions covered by the Umbrella Agreement documentation to include Austria and Switzerland. It is also deliberately designed in such a way that the group of jurisdictions can be expanded by means of a few supplementary agreements.

An updated KAGB Annex to the Master Agreement for Securities Loans (2022) was published alongside the new Umbrella Agreement. Annotated versions of both new documents are available.