ISLA member firms are domiciled in multiple jurisdications which may have local codes of conduct specific to that jurisdiction. If a conflict exists between ISLA Best Practice and and the local code, the code should prevail. It is recognised that some aspects of this paper remain at the time of publication aspirational for the market and therefore not common practice. In order to promote a standardised approach, parties to the GMSLA are encouraged to develop capabilities to meet the standards wherever possible. In these circumstances, counterparties should ensure they remain compliant with the Code. (IBP-103)
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