ISLA to expand clause library and taxonomy subgroup
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ISLA to expand clause library and taxonomy subgroup 14 January 2021UK Reporter: Natalie Turner
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The International Securities Lending Association’s (ISLA) digital steering group is calling on members to join its pilot clause library and taxonomy subgroup and contribute to its new digital steering group.
The subgroup aims to align variant terms in ISLA’s securities lending documentation, creating standardised business outcomes which will support links between legal documentation and the command domain model architecture.
Following a pilot phase that began last year, the subgroup is now open
to any additional member firms who would like to take part, ISLA says.
Members are expected to attend meetings which are approximately an hour a week.
Participants must also provide clauses and variant samples and an input on development of taxonomies for future clauses and agreement types.
ISLA also requests members have documentation or legal expertise in securities lending products and the global master securities lending agreement (GMSLA) document.
The association advises that members may also want to give their onboarding and client relationship counterparts notice of this initiative, as they may be aware of negotiated terms that may be useful to consider and incorporate within the clause taxonomy.
There will be a Zoom meeting during the week commencing 18 January led by D2LT, a digital legal consultancy, to provide an overview on the process, work completed so far, and proposed work for this year.
ISLA seeks to have a full clause taxonomy and library to be published at the end of July.
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Image: C. Schüßler/adobe.stock.com 