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ISLA Announces Pre-Launch of GMSLA Pledge Documentation

ISLA is delighted to announce the pre-launch of the new ISLA GMSLA Pledge Documentation.

As part of our commitment to support the use of global master agreements, ISLA in conjunction with Clifford Chance and key industry stakeholders has developed a pledge collateral version of the Global Master Securities Lending Agreement (GMSLA). The new agreement is based on the existing GMSLA 2010 and provides ISLA members with an alternative to the title transfer framework.

For ISLA members who would like to use the Global Master Securities Lending Agreement (Security Interest over Collateral 2018 version), we have developed a Security Agreement that creates a security interest over the relevant collateral accounts.  We have also worked with several Tri-party service providers to develop Tri-party collateral agreements that serve as a control document between the Borrower, Lender and Tri-party agent. 

To support the validity of the legal structure of the new framework, ISLA will also be making available in due course a legal opinion from Clifford Chance

For more information on the documentation or details on how to access the suite, please click here

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