The video briefing “GMRA and Enforcement of Close Out Netting in Russia” organized by the International Capital Market Association (ICMA), National Securities Market Association (NSMA) and National Settlement Depository (NSD) was held on 28 March 2013.
The discussion covered the following topics:
- Update on the use of the GMRA and enforceability of its close-out netting provisions in Russia.
- Introduction of the Russian annex to the GMRA and the legal opinion on enforceability of the GMRA.
- Repo transactions reporting requirements: practical concerns and interaction with the repository.
- Konstantin Volkov, President, NSMA, Moscow
- Lisa Cleary, Director, Associate Counsel, ICMA, London
- Mikhail Loktionov, Partner, Freshfields Bruckhaus Deringer, Moscow
- Anna Nersesian, Senior Associate, Freshfields Bruckhaus Deringer, Moscow
- Vladimir Kobzar, Legal Counsel, Goldman Sachs, Moscow
- Pavel Solovyev, Repository Activities Development Manager, NSD, Moscow
- Vladimir Belyaev, Senior Specialist, NSD, Moscow
- NSD’s presentation: Transaction reporting requirements: practical concerns and interaction with trade repository (Pavel Solovyev, Vladimir Belyaev)
- Freshfields Bruckhaus Deringer’s presentation: Enforceability of the GMRA Netting Provisions in Russia (Mikhail Loktionov, Anna Nersesian)
- GMRA annexes