ISLA launches legal opinions to support GMSLA 19 March 2019London Reporter: Maddie Saghir
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The International Securities Lending Association (ISLA) has released legal opinions from Clifford Chance to support the completion of the Global Master Securities Lending Agreement (GMSLA) pledge structure project.
As part of a commitment to support the use of global master agreements, ISLA in conjunction with Clifford Chance and industry stakeholders have developed a pledge collateral version of its existing GMSLA.
The new agreement is based on the existing GMSLA 2010 and provides ISLA members with an alternative to the title transfer framework.
Additionally, ISLA added: 鈥淭he legal opinions cover each Security Agreement under its governing law (English, Belgian and Luxembourg), and each opinion also looks at the financial collateral arrangement analysis under that governing law by reference to the Security Agreement and the relevant tri-party custody documentation.鈥�
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