FIA offers several sets of legal opinions to assist members in meeting their regulatory capital and accounting requirements. The netting opinions address the effectiveness of close-out netting provisions, set-off provisions and title transfer collateral provisions. The collateral opinions address the effectiveness of collateral taken on a security interest basis. The CCP opinions cover exposures with CCPs and address issues such as the effectiveness of netting and set-off against the CCP on the CCP's default, and whether cash and non-cash collateral posted with a CCP is bankruptcy-remote in the case of the insolvency of the CCP. In addition, FIA has contracted with leading law firms to provide a number of specialized legal opinions to address particular needs of its member firms, especially in relation to complying with certain prudential regulatory obligations. These documents are available only through subscription.
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FIA has published guidance regarding the standards that need to be satisfied in order for a clearing member to conclude that the margin it posts to a clearinghouse is "bankruptcy remote" for...