The International Securities Lending Association (ISLA) published the 2025 netting opinions that support the title transfer versions of the Global Master Securities Lending Agreement (GMSLA).
The 2025 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 2000 and 2010 versions are available via the aosphere website.
The 2025 opinions include new additions for Andorra and Northern Ireland, increasing netting coverage to 67 jurisdictions. The Digital Assets Annex is also included for the first time which will cover 6 jurisdictions consisting of Belgium, England, France, Germany, Luxembourg, and Switzerland.
The opinion coverage has also been extended to cover the Australian annex to the GMSLA 2010. The Australian annex is available to members via the Addendums & Country Annexes page of the ISLA website.
All opinions cover at a minimum; companies, banks and securities dealers, most jurisdictions also cover insurance companies, hedge funds, mutual funds and pension funds (where generic coverage is possible) as parties to the GMSLAs.