2010 GM SECURITIES LENDING AGREEMENT
Understand and effectively negotiate the 2010 GMSLA in SA law
- Starts 19 SeptStarts 19 Sept
- 7 750 South African randR 7 750
Audience: This course is suitable for legal teams involved in negotiating the GMSLA, credit teams involved in assessing the credit risks, collateral teams involved in the posting and receiving of collateral, as well as trading teams who enter into securities lending transactions. Agenda: What is securities lending? Why enter into securities lending transactions? Risks involved in securities lending History and structure of the GMSLA Main changes in the new 2010 GMSLA (amended definitions and concepts) Collateral and margin Market Value Substitutions Manufactured Payments Voting rights and corporate actions Default mechanisms and Default Market Value Using the GMSLA in South Africa The terms of the 2016 SASLA Annex Tax implications and STT exemptions Re-characterisation risks Foreign and local regulatory impacts on the securities lending market Outcomes: Delegates will gain a detailed understanding of the legal and operational workings of the 2010 GMSLA, and the key differences between the 2010 and 2000 versions of the agreement. In particular this agreement and the collateral process is discussed in the context of the South African market and how this agreement works for South African counterparts.