Mastering Securities Lending Documentation.docx

Mastering Securities Lending Documentation: A Practical Guide to the Main European and US Master Securities Lending Agreements (The Mastering Series) (Paperback) By Paul C. Harding & Christian A. Johnson Acknowledgements Publisher’s acknowledgements Preface 1 Introduction History and Development of the Securities lending market The short selling controversy The Lehman Brothers collapse How a securities lending transaction works The importance of intermediaries Reasons and strategies’ for borrowing securities How a deal is done from start to finish Basic tax issues for the UK Basic tax issues for the US Risk with securities lending Difference between repos and securities loans 2 Legal issues: UK and US UK perspective by Paul C. Harding Legal capacity Title transfer and recharacterisation risk The enforceability of close-out netting Agency arrangements

The English Law securities lending master agreements The ICMA and SIFMAlegal opinions US perspective by Christian A. Johnson Enforcement of New York Choice of Law Enforcement of the US master Securities Loan Agreement US Bankruptcy and bank insolvency aw FDICA Legal capacity Severability Use of employee plan assets 3 The Global Masters Securities Lending Agreement (2000) Paragraph by paragraph analysis of the Global Masters securities Lending Agreement (2000) and its Schedule Amendments something proposed the GMSLA 2000 4 The Global Master Securities Lending Agreement (2010) ISLA’s Securities Lending Set Off Protocol (March 2009) Introduction to the Global Master Agreement (210) and main differences from the GMSLA 2000 Paragraph by paragraph analysis of the Global Master Securities Lending Agreement 2010 and its schedule Agency Annex Addendum for pooled Principal Agency Loans UK Tax Addendum 5 The European Master Agreement Background to the European Master Agreement ( the “EMA”) Goals and benefits of the EMA Structure of the EMA Comparison of the EMA with the GMSLA 2010 6 The US Master Securities Loan Agreement (20000 Version) (the “MSLA”) Section by section analysis of the MSLA 2000 Annexes to the MSLA 2000 Schedules A and B of the MSLA 2000 7 The credit crunch and possible future developments in the securities lending market Origins What happened? The current position Possible future developments Appendices Bibliography Index