About the GMRA Legal Opinions

Regulators require repo transactions to be documented under robust written legal agreements, such as the GMRA, supported by regularly updated legal opinions, as a condition of recognising the reduction of credit risk by collateral and close-out netting in the calculation of regulatory capital requirements and large exposures. Reasoned legal opinions are required to confirm 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 ICMA GMRA Legal Opinions are accessible on aosphere. Members who do not have an account are requested to contact support@aosphere.com.

Tier 1, 2a and 2b members have access to all opinions as part of their membership. Tier 3 members are given access to five legal opinions annually as part of their membership fee. Above five, Tier 3 members will be charged the subscription fee for any number of additional legal opinions. Associate members will need to subscribe to access any legal opinions. Official institution members, including central banks, debt management offices, development banks and regulators, are exempt from the subscription service.

Non-members are not permitted to subscribe.

Subscription form – Tier 3 members     Subscription form – Associate members

A list of the jurisdictions covered by the opinions is provided below.

GMRA Legal Opinions - jurisdiction coverage
Anguilla
Argentina
Armenia
Australia
Austria
Bahamas
Bahrain
Barbados
Belgium
Bermuda
Brazil
British Virgin Islands
Canada
Cayman Islands
Croatia
Curaçao and Sint Maarten
Cyprus
Czech Republic
Denmark
England
Estonia
Finland
France
Georgia
Germany
Ghana
Greece
Guernsey
Hong Kong
Hungary
India
Indonesia
Ireland
Israel
Italy
Japan
Jersey
Kazakhstan
Latvia
Liechtenstein
Lithuania
Luxembourg
Malaysia
Malta
Mauritius
Mexico
The Netherlands
New Zealand
Norway
Oman
People's Republic of China
Philippines
Poland
Portugal
Qatar
Romania
Russia
Scotland
Singapore
Slovakia
Slovenia
South Africa
South Korea
Spain
Sweden
Switzerland
Taiwan
Thailand
Republic of Türkiye
United Arab Emirates
USA

A matrix providing detailed information on the countries and counterparty types covered by the 2024 legal opinions can be found here.

A matrix setting out which annexes to the GMRA 2000 and GMRA 2011 are covered by the 2024 legal opinions can be found here.


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