The International Securities Lending Association (ISLA) has published the 2019 updates to the legal netting opinions which support the Global Master Securities Lending Agreement (GMSLA) for the securities lending industry.
ISLA explained that updates have been obtained only for jurisdictions which are non-EU member states.
Once there is sufficient clarity on the arrangement for the UK leaving the EU, ISLA will schedule the update of the EU member state opinions, including the legal opinions for England and Scotland.
The 2019 opinions cover both the enforceability of the netting provisions of the documents as well as the validity of documents as a whole.
It was further noted by ISLA that while all 2019 opinions cover as a minimum; companies, banks, and securities dealers, many also cover insurance companies, hedge funds and mutual funds as parties to the GMSLAs and legacy documentation where relevant.
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