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The following documents cover some of the key aspects of working practice within the Securities Lending market:
Market Contracts
Global Master Securities Lending Agreement (GMSLA) - Current Standard Industry lending document May 2000 doc
Master Equity & Fixed Interest Stock Lending Agreement (MEFISLA) - Superseded by the GMSLA 1996 doc
Master Gilt Edged Stock Lending Agreement - Superceded by the GMSLA May 1996 rtf
Overseas Securities Lending Agreement (OSLA)- Superseded by the GMSLA 1995 doc
Other Industry Documents
ISLA recommended principles for the use of collateral allocation letters by agent lenders and borrowers Nov 2007 doc
Bank of England's Securities Lending and Repo Committee Stock Borrowing and Lending Code of guidance Dec 2004 pdf
Irish Financial Services Regulatory Authority UCITS Notice 12
Apr 2008 pdf
Irish Financial Services Regulatory Authority Non UCITS Notice 16.5
(Click here for the full document)
Aug 2003 pdf
Legal opinion for the 2000 GMSLA - Produced by Clifford Chance Aug 2000 doc
Guidance Notes for the 2000 GMSLA - Produced by Clifford Chance May 2000 doc
ISLA has removed the GMSLA UK Tax addendum from its website. This is as a result of the Manufactured Overseas Dividend (MOD) rules changing in 2003. This has rendered much of the current addendum obsolete. ISLA is currently engaged in a project to review the GMSLA and supporting documentation and anticipates this will be available in Q2 2008.
News Headlines more>
Independent academic research indicates lack of impact of short selling restrictions globally
17 Dec '08
ISLA Elects new Board and plans affiliation to SIFMA
01 Oct '08
ISLA RMA SIFMA ASLA PASLA Joint Statement to support equity market liquidity
26 Sep '08
ISLA comments on temporary prohibition of new short positions in financial stocks
19 Sep '08
ISLA issues model for agent lender disclosure in Europe
15 Jul '08
ISLA welcomes ruling in Beconwood vs ANZ
02 May '08
ISLA publishes interim recommendations for agent lender disclosure in Europe
30 Nov '07
Current Issues more>
Securities lending and short selling - Update
Jun '08
Why asset management arms of banks should continue to lend bank shares
Jun '08
ISLA consults on revised GMSLA
May '08
ISLA guidance on outstanding loans of former Northern Rock shares
Mar '08
French trade date recommendation
Dec '07
ISLA response to Independent article
Nov '07
ISLA Consultation on Proposed Changes to the GMSLA
Jul '07
ISLA response to FT article
Jun '07
Events more>
Professional Repo and Collateral Management course with Securities Lending Workshop
24-26 March 2009

ISLA/RMA Conference 2009
23-25 June 2009
Hotel Arts
Barcelona, Spain
International Securities Lending Association - Industry Documentation