Fieldfisher is pleased to announce that we have published the 2016 edition of our book, Summaries of the ISDA Legal Opinions on Close-out Netting. As with previous editions, we have summarised the conclusions of the netting opinions that ISDA has obtained for its members from 63 jurisdictions, setting them out in easy-to-read tables.
Our Summaries are a useful reference guide for those negotiating or reviewing ISDA Master Agreements. They will also assist with the new rules on the margining of uncleared derivatives in the EU, which mean that all financial counterparties will have to assess, on an on-going basis, the legal enforceability of netting and collateral agreements once these new rules take effect, which could be as early as January 2017. This is an assessment which banks have had to make for many years in order to achieve recognition of netting and collateral for capital purposes but will be a new requirement for buy-side firms. We would be delighted to discuss further with you these new rules and what they will mean for you - and, in particular, how we can help you meet the requirements on collateral opinions. We can also provide summaries of the opinions for the GMRA, the GMSLA and other industry master agreements.
The Summaries are available, free of charge, to any institution which is an ISDA member. Please click below to register for a copy to be sent to you.