ISLA Publishes 2022 Netting Opinions for the GMSLA

The International Securities Lending Association (ISLA) has today published the 2022 netting opinions that support the title transfer versions of the Global Master Securities Lending Agreement (GMSLA).

The 2022 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.

ISLA’s Master Confirmation Annex (MCA), published in November 2021 to accompany the GMSLA documentation suite, has been covered for the first time in five jurisdictions: England, France, Germany, Switzerland and the Netherlands. The MCA provides a standard framework and set of terms that can be used for “non-standard” trade types (such as evergreens and extendables).

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 again this year to cover pension funds in several jurisdictions.

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