ICMA publishes 2025 legal opinion updates for the Global Master Repurchase Agreement
14 April 2025 Today ICMA announces the publication of the 2025 GMRA legal opinion updates. The opinions provide ICMA members with exclusive access to a substantive body of legal know-how regarding the enforceability of the GMRA and, in particular, the GMRA netting provisions.
The 2025 opinions include a new addition for Northern Ireland, increasing the netting coverage to 73 jurisdictions. Coverage of the Digital Assets Annex is now also included across 6 jurisdictions: Belgium, England, France, Germany, Luxembourg and Switzerland.
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.
Regulators require repo transactions to be subject to agreements like 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.
ICMA offers members* a business-critical service through the provision of these annually updated legal opinions.
Full list of jurisdictions covered by the legal opinions
*Full access to the ICMA GMRA legal opinions is not provided to non-subscribing tier 3 and associate members. Official institution members are exempt from the subscription service. For more information and to subscribe, see here.
