Find out more about the GMRA
Effective January 1, 2024, the ICMA GMRA Legal Opinions will no longer be available on the ICMA website. Members are reminded to set up their aosphere account no later than December 15, 2023 to ensure continued access. For more information, please contact membership@icmagroup.org.
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 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 People's Republic of China Philippines Poland |
Portugal Qatar Romania Russia Scotland Singapore Slovakia Slovenia South Africa South Korea Spain Sweden Switzerland Taiwan Thailand Turkey United Arab Emirates USA |
