- Short-term markets :
- Repo markets
- Frequently Asked Questions on repo
- ERC contributions to public consultations
- Repo trading practice guidelines & documentation
- Credit claims
- Securities lending
- ICMA European repo market reports and white papers
- The impact of the Financial Transaction Tax on the European repo market
- Shadow banking and repo
- European repo market report
- European repo market white paper on short-selling and settlement failures
- Repo market surveys
- Global Master Repurchase Agreement (GMRA)
- ICMA GMRA Legal opinions
- FAQs for ICMA members
- Euro Commercial Paper
- Repo markets
- Primary markets :
- ICMA Primary Market Handbook (previously the IPMA Handbook) - Home
- Prospectuses, offerings and listings
- Periodic reporting / continuing obligations
- Market abuse
- Accounting and auditing
- Retail structured products
- Collective action clauses
- Dialogue with investors
- Bank capital
- Secondary markets :
- ICMA’s rules and recommendations for the secondary market
- MiFID Review
- Bond market transparency - wholesale & retail
- Short selling
- Asset management :
- Covered Bonds
- Money market funds
- Hedge funds
- Managing client expectations
- Corporate Governance
- Valuation of illiquid assets
- Specific regulatory issues
- Exchange-Traded Funds (ETFs)
- AMIC Solvency II Working Group
- ICMA Private Wealth Management Charter of Quality
- Market infrastructure :
- European Commission’s Expert Group on Market Infrastructure (EGMI)
- Code of Conduct on Clearing and Settlement
- CPSS/IOSCO Principles for Financial Market Infrastructures
- European Market Infrastructure Regulation (EMIR)
- Harmonisation of Securities Law
- Settlement Regulation
- TARGET2-Securities and CCBM2
- New Global Note (bearer notes)
- New Safekeeping Structure (registered notes)
- Legal :
- Collateral Initiatives Coordination Forum :
- ICMA Quarterly Report :
- Other projects :
For many years, ICMA has obtained and annually updated legal opinions on the Global Master Repurchase Agreement (1995 & 2000 versions, as well as the 1995 version as amended by the Amendment Agreement to the 1995 version) from numerous jurisdictions worldwide.
2013 GMRA legal opinions
ICMA members were informed about the publication of the 2013 GMRA Opinions in ICMA circular No.3 dated April 10, 2013.
The 2013 GMRA legal opinions have been obtained by ICMA, for the benefit of ICMA and its members1.
The 2013 GMRA legal opinions cover both the enforceability of the netting provisions of the GMRA as well as the validity of the GMRA as a whole.
Furthermore, the opinions address the issue of recharacterisation risk (in respect of both the transfer of securities and the transfer of margin).
The UK Prudential Regulation Authority (PRA), the UK Financial Conduct Authority (FCA) and the German Financial Supervisory Authority (BaFin) recognise the effect of netting provisions for regulatory capital and large exposure requirements provided, inter alia, that a reasoned legal opinion has been obtained to the effect that, in the event of a legal challenge, the relevant courts and administrative authorities would find that, where a counterparty fails owing to default, bankruptcy, liquidation or any other similar circumstance, the regulated firm’s claims and obligations pursuant to the GMRA would be limited to a net sum under the law of the relevant jurisdiction(s), and which meets certain other requirements. The opinions which ICMA makes available to its members assist them in fulfilling these regulatory requirements. It remains the responsibility of each member individually to ensure that it meets its specific regulatory requirements.
Members must ensure that the specific opinions on which they seek to rely extend to their particular circumstances and satisfy themselves as to the strength of the opinions and the effect of the assumptions and qualifications contained therein.
As in previous years, the opinions have been obtained in a combined format, covering the GMRA on the one hand and the Overseas Securities Lender’s Agreement (October 1994 version), Overseas Securities Lender’s Agreement (December 1995 version), Master Gilt Edged Stock Lending Agreement (1996 versions) and the Global Master Securities Lending Agreement (May 2000, July 2009 and January 2010 versions) (the "SLAs”) on the other (except for the opinions on India, Slovenia and Thailand, which are GMRA only opinions) and consist of the following parts:
(i) core opinion covering both the GMRA as well as the SLAs (the “Core Opinion”);
(ii) specific appendix covering the GMRA (the “GMRA part”); and
(iii) specific appendix covering the SLAs (the “SLAs part”).
ICMA makes available to its members the Core Opinion together with the GMRA part.
The Core Opinion together with the SLAs part will be available on subscription from Derivative Services LLP's website (www.dslogin.com). For further information contact Derivative Services LLP at firstname.lastname@example.org.
ICMA members may download the 2013 GMRA legal opinions and, where available, respective blacklines tracking the amendments to the 2012 opinions, by clicking here.
A list of the jurisdications covered by the GMRA legal opinions can be found at the bottom of this page.
1 Whilst associate members of ICMA have access to the ICMA legal opinions, the opinions are not addressed to associate members and therefore they cannot rely on them.