Following the initial launch of the new GMSLA “Pledge” Structure Documentation, ISLA is pleased to announce completion of the project with the release of the supporting Legal Opinions from Clifford Chance.
As part of a 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 its existing 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.
The 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.
Please note, both the Global Master Securities Lending Agreement (GMSLA) and the Legal Opinions are available to ISLA members only (access is via login).
For more information on the documentation suite, please click here