This page hosts all legal opinions related to the:

• Master Repurchase Agreement (MRA); 
• Global Master Repurchase Agreement (GMRA);
• Master Securities Loan Agreement (MSLA); and
• Master Securities Forward Transaction Agreement (MSFTA).

These opinions are free to members (a member log-in is required), and available to non-members for a fee of $2,000 each.  If you wish to purchase any opinion, please click here.

Master Repurchase Agreement (MRA) Legal Opinions 

Five opinions on the enforceability and netting provisions of the Master Repurchase Agreement (MRA) from counsel in the Cayman Islands, Bermuda, British Virgin Islands and the U.S. 

• Bermuda (July 2005)
• British Virgin Islands (October 2005)
• Cayman Islands (July 2005)
• England (June 2007)
• U.S. - Netting Opinion(January 2006)
• U.S. – Enforceability Opinion (January 2006)

Global Master Repurchase Agreement (GMRA) Legal Opinions 

Opinions from 29 jurisdictions on the enforceability and netting provisions of the Global Master Repurchase Agreement (GMRA), which is published jointly with the International Capital Market Association (ICMA).

• Anguilla (2008) 
• Austria (2008); Blackline Comparison (2007 v. 2008)  
• Barbados (2008) 
• Belgium (2008); Blackline Comparison (2007 v. 2008)  
• Canada (2008); Blackline Comparison (2007 v. 2008) 
• China (2008); Blackline Comparison (2007 v. 2008) 
• cyprus (2008) 
• England (2008); Blackline Comparison (2007 v. 2008) 
• Finland (2008); Blackline Comparison (2007 v. 2008) 
• France (2008); Blackline Comparison (2007 v. 2008) 
• Germany (2008); Blackline Comparison (2007 v. 2008) 
• Greece (2008); Blackline Comparison (2007 v. 2008) 
• Guernsey (2008); Blackline Comparison (2007 v. 2008) 
• Hungary (2008) 
• Iceland (2008) 
• India (2008) 
• Indonesia (2008) 
• Ireland (2008); Blackline Comparison (2007 v. 2008) 
• Italy (2008); Blackline Comparison (2007 v. 2008) 
• Japan (2008); Blackline Comparison (2007 v. 2008) 
• Jersey (2008) 
• Luxembourg (2008); Blackline Comparison (2007 v. 2008) 
• Netherlands (2008); Blackline Comparison (2007 v. 2008) - Part One; Blackline Comparison (2007 v. 2008) - Part Two 
• Norway (2008); Blackline Comparison (2007 v. 2008) 
• Poland (2008); Blackline Comparison (2007 v. 2008) 
• Portugal (2008); Blackline Comparison (2007 v. 2008) 
• Spain (2008); Blackline Comparison (2007 v. 2008) 
• Switzerland (2008); Blackline Comparison (2007 v. 2008) 
• U.S. (2008) 

Master Securities Loan Agreement (MSLA) Legal Opinions 

Netting and general enforceability for the Master Securities Loan Agreement (MSLA) under U.S. law.

• Netting Opinion (2006) 
• Enforceability Opinion (2006)  

Master Securities Forward Transaction Agreement (MSFTA) Legal Opinions 

Netting and general enforceability opinions for the Master Securities Forward Transaction Agreement (MSFTA).

• Netting Opinion (2009) 
• Enforceability Opinion (2009)