ICMA publishes GMRA opinion updates
14 April 2026 Switzerland
Image: Fikri_Haikal/stock.adobe.com
The International Capital Market Association (ICMA) has published the 2026 Global Master Repurchase Agreement (GMRA) legal opinion updates.
According to the association, the opinions give ICMA members exclusive access to a substantive body of legal know-how regarding the enforceability of the GMRA and the GMRA netting provisions.
The 2026 opinions introduce Peru as a new jurisdiction, increasing the netting coverage to 75 jurisdictions.
Coverage of the Digital Assets Annex has also been expanded and now extends to eight jurisdictions.
In addition to last year’s coverage of Belgium, England, France, Germany, Luxembourg, and Switzerland, the 2026 opinions now include Hong Kong and the US.
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.
In response to strong member demand, counterparty coverage has been expanded across 14 jurisdictions, including Australia, Canada, Japan, Saudi Arabia, and the UAE.
Regulators require repo transactions to be subject to agreements such as the GMRA, supported by regularly updated legal opinions, in order to reduce regulatory capital requirements through close-out netting.
ICMA legal opinions enable members to realise these significant regulatory capital benefits.
According to the association, the opinions give ICMA members exclusive access to a substantive body of legal know-how regarding the enforceability of the GMRA and the GMRA netting provisions.
The 2026 opinions introduce Peru as a new jurisdiction, increasing the netting coverage to 75 jurisdictions.
Coverage of the Digital Assets Annex has also been expanded and now extends to eight jurisdictions.
In addition to last year’s coverage of Belgium, England, France, Germany, Luxembourg, and Switzerland, the 2026 opinions now include Hong Kong and the US.
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.
In response to strong member demand, counterparty coverage has been expanded across 14 jurisdictions, including Australia, Canada, Japan, Saudi Arabia, and the UAE.
Regulators require repo transactions to be subject to agreements such as the GMRA, supported by regularly updated legal opinions, in order to reduce regulatory capital requirements through close-out netting.
ICMA legal opinions enable members to realise these significant regulatory capital benefits.
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