The International Securities Lending Association (ISLA) published the 2021 netting opinions that support the title transfer versions of the Global Master Securities Lending Agreement (GMSLA).
The 2021 opinions have been obtained by ISLA in a joint venture with ICMA for the benefit of ISLA members who subscribe to the ISLA Netting Opinions service. The Core Opinion together with Appendix 2 which related specifically to the GMSLA’s are available via the aosphere LLP website.
All opinions cover at a minimum; companies, banks and securities dealers, most jurisdictions also cover insurance companies, hedge funds and mutual funds as parties to the GMSLAs. Counterpart coverage has been further expanded this year to cover Pension funds in several jurisdictions.