The repo committee of the International Securities Markets Association (ISMA) today published its annual update of legal opinions on the GMRA in 33 countries around the world.
Updated opinions are published for all countries except Austria and South Africa, and these are expected shortly. Importantly, ISMA has obtained an opinion for Spain, hitherto a problematic jurisdiction.
The first opinions were published in 2001, and the first update in 2002. ISMA co-operates in some jurisdictions with the US Bond Market Association.