ICMA publishes 2022 legal opinion updates for the Global Master Repurchase Agreement


19 April 2022 ICMA has announced the publication of the 2022 updates to the legal opinions which underpin the use of the Global Master Repurchase Agreement (GMRA) the most widely used legal agreement for international repo transactions.

The opinions provide ICMA members with exclusive access to a substantive body of legal know-how in relation to the enforceability of the GMRA and, in particular, the GMRA netting provisions in more than 60 jurisdictions.

Access the 2022 legal opinions

(ICMA members only – log in required, please contact membership@icmagroup.org if you do not know your log in credentials.)

Regulators require repo transactions to be documented under robust written legal agreements like 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. The GMRA legal opinions assist members in satisfying such regulatory conditions in order to realise related capital benefits.

Regulated entities will be concerned to review legal opinions for the jurisdiction in which their repo counterparty is incorporated, the jurisdiction in which any involved branch of their counterparty is located and the jurisdiction whose law governs the relevant netting master agreement. Providing ICMA members with access to a comprehensive list of annually updated legal opinions, spanning over 60 jurisdictions, offers members a business-critical service in relation to their GMRA related activities.

A new user interface has been introduced on the ICMA website for accessing the GMRA legal opinions, with improved search functionality and filters.

For more information contact info@icmagroup.org

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