ICMA publishes 2025 GMRA legal opinion for Saudi Arabia
2 October 2025 The International Capital Market Association (ICMA) is pleased to announce the publication of a legal opinion covering the Global Master Repurchase Agreement (GMRA) for Saudi Arabia, which recognises the enforceability of close-out netting under regulations published by the Saudi Central Bank (SAMA) and Capital Markets Authority (CMA) earlier this year.
This is an important milestone towards strengthening the stability and sustainability of the financial sector in the KSA, bringing the Kingdom's financial infrastructure in line with international standards.
The ICMA GMRA 2025 opinions now include the netting coverage of 74 jurisdictions. All opinions cover at a minimum companies, banks and securities dealers. Most jurisdictions also cover insurance companies, hedge funds, mutual funds and pension funds (where generic coverage is possible) as parties to the GMRA.
ICMA offers members* a business-critical service through the provision of these annually updated legal opinions.
Full list of jurisdictions covered by the legal opinions
*Full access to the ICMA GMRA legal opinions is not provided to non-subscribing tier 3 and associate members. Official institution members are exempt from the subscription service. For more information and to subscribe, click here.
