GMSLA pledge docs now recognise BNY Mellon as a collateral manager
25 February 2021 UK
Image: ISLA logo
New documentation to support BNY Mellon SA/NV as a collateral manager under the global master securities lending agreement (GMSLA) pledge structure is now available.
The new edition was published by the International Securities Lending Association (ISLA) in conjunction with law firm Clifford Chance and key industry stakeholders.
The addition of the US bank, incorporated in Belgium, required the development of an additional Belgian law security agreement and supporting legal opinions.
The global collateral account control agreement can be obtained by ISLA members via their BNY Mellon representative.
All documentation that supports the GMSLA pledge structure documentation is available to ISLA members via the association’s online resource portal.
The trade body has regularly reinforced its pledge version of the GMSLA and added legal opinions in May 2020 from Freshfields Bruckhaus Deringer.
The opinions assessed the nature of the borrower’s rights to the pledged collateral and the impact on those rights of the insolvency of the custodian and the lender.
The new edition was published by the International Securities Lending Association (ISLA) in conjunction with law firm Clifford Chance and key industry stakeholders.
The addition of the US bank, incorporated in Belgium, required the development of an additional Belgian law security agreement and supporting legal opinions.
The global collateral account control agreement can be obtained by ISLA members via their BNY Mellon representative.
All documentation that supports the GMSLA pledge structure documentation is available to ISLA members via the association’s online resource portal.
The trade body has regularly reinforced its pledge version of the GMSLA and added legal opinions in May 2020 from Freshfields Bruckhaus Deringer.
The opinions assessed the nature of the borrower’s rights to the pledged collateral and the impact on those rights of the insolvency of the custodian and the lender.
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