ISLA is pleased to announce the publication of the Digital Assets Annex, to accompany the Global Master Securities Lending Agreement (GMSLA) documentation suite.
The Annex has been prepared as part of a joint project between ICMA and ISLA to promote consistency in the legal terms market participants use when they trade certain digital assets under the GMRA 2011 and GMSLA 2010. The annex was developed by the Digital Assets Legal Working Group run by ISLA & ICMA, with Clifford Chance appointed as counsel.
To access the Digital Assets Annex, click here. Non-members can access the annex by requesting directly from support@islaemea.org.
The Digital Assets Annex provides a standard template, framework and set of terms which can be used for any transactions in respect of which the Loaned Securities consist of or include Asset-backed Digital Assets or Platform Transferred Securities. The annex, amongst other things, clarifies that definition of Securities used in the GMSLA 2010 includes Asset-backed Digital Assets and confirms that Platform Transferred Securities are already Securities as well as confirms that references to cash or currency in the GMSLA 2010 capture Digital Cash.
Tina Baker, Head of Legal Services, ISLA commented “I’m proud to announce the publication of the Digital Asset Annex in collaboration with ICMA, the Digital Assets Legal Working Group and Clifford Chance. Over the last few years, we have seen a huge growth in digital securities enabled by technological advances and we hope that the development of this Annex marks an important step for the continued growth and adoption of these technologies”
Michael Brown, Partner, Clifford Chance “We’re delighted to have worked with ICMA, ISLA and the combined Digital Assets Legal Working Group to produce the Digital Assets Annex, which leverages the experience of the working group in respect of the opportunities in the SFT market presented by technological developments over the last few years. We hope the Digital Assets Annex will assist the further growth of the market by presenting a common approach that firms can leverage for transactions referencing the relevant categories of digital asset.”
To enable ISLA members’ familiarity with the Digital Asset Annex, ISLA has partnered with Clifford Chance to run a training session in September to provide an overview of how the Annex works and its various features, as well as an opportunity for members to ask any questions. Further details on the webinar and how to register will follow.
