ISLA Publish 2023 Netting Opinions for GMSLA

The International Securities Lending Association (ISLA) has today published the 2023 netting opinions that support the title transfer versions of the Global Master Securities Lending Agreement (GMSLA).

The 2023 opinions have been obtained by ISLA for the benefit of ISLA members who subscribe to the ISLA Netting Opinions service. The Core Opinion together with Appendix 2 which relates to the GMSLA’s are available via the aosphere LLP website.

Coverage of ISLA’s Master Confirmation Annex (MCA), published in November 2021 to accompany the GMSLA documentation suite, has been extended to cover a further ten jurisdictions. The MCA provides a standard framework and set of terms that can be used for “non-standard” trade types (such as evergreens and extendables).

We are pleased to announce that opinion coverage has now been extended to  cover the Taiwan, Malaysia & Korean annexes to the GMSLA 2010. The annexes were originally  published by PASLA and have been adopted by ISLA. They are available to members via the ISLA and PASLA websites.

All opinions cover at a minimum; companies, banks and securities dealers, most jurisdictions also cover insurance companies, hedge funds and mutual funds as parties to the GMSLAs.

For more information, including a full matrix listing of all 64 jurisdictions covered, the counterpart types covered in each jurisdiction and to access the opinions, please click here.

If you are not a subscriber to the ISLA Netting Opinion, or a current ISLA member, and would like more detailed information on the netting service we provide, including subscription fees, please contact us.

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