Page 12 - 期貨和衍生品行業(yè)監(jiān)管動態(tài)（2025年7月）
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期貨和衍生品行業(yè)監(jiān)管動態(tài)
與其高度一致的凈額結算監(jiān)管規(guī)定草案，該草案將涵蓋其他金融市場參與者，包
括資產管理公司和基礎設施提供商。沙特資本市場管理局監(jiān)管規(guī)定最終確定后，
ISDA 的凈額結算法律意見將擴展以涵蓋這些規(guī)則。
ISDA 主協議凈額結算法律意見可在此處獲取。
ISDA/IIFM Tahawwut 主協議凈額結算法律意見可在此處獲取。
ISDA Publishes Saudi Arabia Netting Opinions (2025/6/30)
ISDA has published new legal opinions that recognize the enforceability of
close-out netting under regulations published by the Saudi Central Bank (SAMA)
earlier this year.
SAMA’s netting regulations were published in February, meaning all
Group-of-20 jurisdictions now recognize the enforceability of close-out netting. The
regulations, which are closely based on ISDA’s 2018 Model Netting Act, apply if at
least one party is supervised by SAMA, which includes banks and non-banking
financial institutions supervised by SAMA. Riyadh-based law firm STAT was
commissioned by ISDA to draft the netting opinions – one under the ISDA Master
Agreement and one for Islamic derivatives under the ISDA/International Islamic
Financial Market Tahawwut Master Agreement.
“The SAMA regulations mark a significant milestone in the development of a
robust and efficient derivatives market in Saudi Arabia. The ISDA netting opinions
will give firms enhanced certainty and confidence to trade derivatives with Saudi
counterparties regulated by SAMA, encouraging more participation and increasing the
depth and liquidity of Saudi capital markets. We would like to thank SAMA for its
close coordination with ISDA and the industry during the development of the
regulations,” said Scott O’Malia, ISDA’s Chief Executive.
ISDA has consistently advocated for enforceable close-out netting as a critical
foundation of safe and efficient derivatives markets and has published netting
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