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ARTICLE · 01 FEBRUARY 2024

ISDA Releases Marshall Islands Netting Opinion

Seward & Kissel
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On December 15, 2023, the International Swaps and Derivatives Association, Inc. ("ISDA") published its legal opinion (the "ISDA RMI Opinion") as to the enforceability under the law...

United StatesFinance and Banking
Michael S. Timpone
Michael S. Timpone
Kurt Plankl
Kurt Plankl
Michele Navazio
Michele Navazio
Sophia Agathis
Sophia Agathis

On December 15, 2023, the International Swaps and Derivatives Association, Inc. ("ISDA") published its legal opinion (the "ISDA RMI Opinion") as to the enforceability under the law of the Republic of the Marshall Islands of the termination, bilateral close-out netting and multi-branch netting provisions of the ISDA Master Agreements.1 The ISDA RMI Opinion was commissioned by ISDA following the enactment of netting legislation in the RMI in September 2023 (the "Netting Act"),2 which codified the enforceability of netting agreements that enable parties in qualified financial transactions to aggregate contractual obligations into one single net payment obligation. ISDA legal opinions evaluate, among other things, the enforceability of the close-out netting provisions of the 1992 and 2002 ISDA Master Agreements, and are available for many jurisdictions.3 The ISDA RMI Opinion should provide comfort to institutions acting as swap dealers and hedge or financing providers to

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