ISLA publishes 2025 netting opinions for GMSLA 14 April 2025UK Reporter: Daniel Tison
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The International Securities Lending Association (ISLA) has published the 2025 netting opinions that support the title transfer versions of the Global Master Securities Lending Agreement (GMSLA).
The document includes additions for Andorra and Northern Ireland, increasing ISLA’s netting coverage to 67 jurisdictions.
For the first time, the Digital Assets Annex is also included, which will cover six jurisdictions — Belgium, England, France, Germany, Luxembourg, and Switzerland.
The opinion coverage has also been extended to cover the Australian annex to the GMSLA 2010.
ISLA obtains legal opinions, updated annually, in a joint exercise with the International Capital Markets Association (ICMA) to ensure the enforceability of the netting provision of the GMSLA.
All opinions cover at a minimum; companies, banks, and securities dealers, and most jurisdictions also cover insurance companies, hedge funds, mutual funds, and pension funds as parties to the GMSLAs.
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