These opinions are free to members only (a member log-in is required).

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. 

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

Global Master Repurchase Agreement (GMRA) Legal Opinions 
SIFMA discontinued publication and updates of the Global Master Repurchase Agreement (GMRA) opinions.

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

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

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

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