Legal Opinions




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This page hosts all legal opinions related to the: Master Repurchase Agreement (MRA); Master Securities Loan Agreement (MSLA); and Master Securities Forward Transaction Agreement (MSFTA).

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.

England (Sept 2017)
U.S. Netting Opinion (August 2017)
British Virgin Islands (July 2017)
France (March 2015)
U.S. Enforceability Opinion (August 2017)
U.S. Netting Opinion (May 2013)
Bermuda (November 2016)
Cayman Islands (October 2014) – 2016 Opinion Update

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

U.S. Netting Opinion (August 2017)
French Opinion (August 2015)
U.S. Enforceability Opinion (August 2017)
U.S. Netting Opinion (May 2013)

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

U.S. Netting Opinion (August 2017)
French Opinion (August 2015)
Enforceability Opinion (August 2017)
Netting Opinion covering both the 1996 MSFTA and the 2012 MSFTA (May 2013)