Find out more about the GMRA






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 GMRA legal opinions which ICMA makes available to its members assist them in fulfilling these regulatory requirements are available here. 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
China
Croatia
Curaçao and Sint Maarten
Cyprus
Czech Republic
Denmark
England
Estonia
Finland
France
Georgia
Germany
Greece
Guernsey
Hong Kong
Hungary
India
Indonesia
Ireland
Israel
Italy
Japan
Jersey
Latvia
Liechtenstein
Lithuania
Luxembourg
Malaysia
Malta
Mauritius
Mexico
The Netherlands
New Zealand
Norway
Oman
Philippines
Poland
Portugal
Qatar

Philippines
Poland
Portugal
Scotland
Singapore
Slovakia
Slovenia
South Africa
South Korea
Spain
Sweden
Switzerland
Taiwan
Thailand
Turkey
United Arab Emirates
USA

 

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