The International Securities Lending Association (ISLA) and the Pan Asia Securities Lending Association (PASLA) have announced that they will enter into a new legal services agreement for GMSLA documentation.
The new agreement, effective from January 2022, will foster collaboration between these associations and the development of the Global Master Securities Lending Agreement (GMSLA) documentation suite.
Under this arrangement, ISLA will adopt all GMSLA attachments developed by PASLA and make them available to ISLA members via the ISLA website.
PASLA members have access to the Legal Services section of the ISLA website.
Members of both associations will in turn have access to future annexes and related documents that are jointly developed. This collaborative effort will also support the development of annexes and addenda needed to promote the growth of securities lending in the Asia-Pacific region.
In a joint statement, the two associations said this is an important step towards the digitization of industry documentation, giving member firms access to market standard templates and driving the standardization of market practices.
PASLA Communications Officer Paul Solway said: “This agreement is an important step forward in the harmonization of documentation standards worldwide and provides valuable new resources for PASLA members.
“PASLA and ISLA are founding members of the Global Alliance of Securities Lending Associations (GASLA) and our partnership in legal services reflects our broader commitment to working together for the benefit of all participants in the securities lending market.”
ISLA CEO Andrew Dyson says: “The new legal services agreement with ISLA [is] an important step for ISLA as it recognizes that the GMSLA documentation suite is used worldwide by a large number of market participants. It also supports ISLA’s efforts to standardize documents in our market and will benefit the members of our respective associations.”