ISDA, through its various regional Committees, actively promotes netting legislation on a global basis. ISDA is apprised of netting legislation developments through these regional Committees and this list represents those jurisdictions where members have informed ISDA that netting legislation has been adopted. However, this list does not purport to be a comprehensive summary of all jurisdictions globally that may have adopted netting legislation.

COUNTRY NETTING LEGISLATION AS OF
November 2006
Anguilla
 Adopted
Argentina Under Consideration
Australia Adopted
Austria Adopted
Belgium Adopted
Brazil Adopted
British Virgin Islands
 Adopted
Canada Adopted
The Czech Republic Adopted
Denmark Adopted
England * See Footnote
Finland Adopted
France Adopted
Germany Adopted
Greece Adopted
Hungary Adopted
Ireland Adopted
Israel
 Adopted
Italy Adopted
Japan Adopted
Luxembourg Adopted
Malta Adopted
Mauritius
 Under Consideration
Mexico Adopted
New Zealand Adopted
Norway Adopted
Pakistan Under Consideration
Poland Adopted
Portugal Adopted
Romania Adopted
Russia Under Consideration
Slovakia Adopted
South Africa Adopted
South Korea Adopted
Spain Adopted
Sweden Adopted
Switzerland Adopted
United States Adopted

* England

ISDA has received a number of inquiries about the need for netting legislation in England. In England, the enforceability of netting is widely accepted without the need for specific statutory recognition. Please refer to the netting opinion dated March 11, 1998 from Allen & Overy for a full discussion of the enforceability of netting in England. Also see ISDA netting opinions on, e.g. BVI, Turkey, Netherlands, Hong Kong.

* United States

Further amendments to the Bankruptcy Code are under consideration that will provide greater recognition of cross product netting.