Uganda is set to take a key step towards ensuring the enforceability of close-out netting under ISDA, GMRA and GMSLA contracts – at least in respect of financial institutions governed by the Financial Institutions Act. This follows a recent meeting hosted by Bank of Uganda (“BOU”) to discuss draft regulations titled “The Financial Institutions (Preference and Appraised Book Value) Regulations 2021”. The participants at the meeting included the leading financial institutions and market players as well representatives from the International Capital Markets Association (“ICMA”).
The full article is available at https://www.ensafrica.com/news/detail/4799/uganda-inches-closer-to-enforceable-netting