The below table provides a high level summary of the status of updates to ISDA’s netting, collateral and principal-to-principal clearing opinions in 2023. To access the most recent opinions, please visit our opinions library. If you have any questions, please reach out to the appropriate jurisdiction contact listed at the end of the below table.
| Country | Counsel | Opinion Type | Update Status* |
| Andorra | Cases & Lacambra | Netting | Original opinion published in 2023 |
| Anguilla | Harneys | Netting, Collateral | Commissioning update in Q4 2023 |
| Argentina | Estudio O’Farrell | Netting | Update published in 2023 |
| Armenia | TK & Partners | Netting | Update published in 2023 |
| Australia | King & Wood Mallesons | Netting, Collateral, CM Reliance, Client Reliance | Updates published in 2023 |
| Austria | Schoenherr Rechtsanwaelte GmbH | Netting, CM Reliance | Updates published in 2023 |
| DLA Piper Weiss-Tessbach | Collateral | Updates published in 2023 | |
| Bahamas | Higgs & Johnson | Netting, Collateral, CM Reliance | Commissioned updates in 2022 (Q3) |
| Barbados | Chancery Chambers | Netting, Collateral | Commissioned update in Q1 2023 |
| Belgium | DLA Piper | CM Reliance, Client Reliance | Commissioned update in Q1 2023 |
| Loyens & Loeff Advocaten – Avocats | Netting, Collateral | New netting opinion pending
Commissioned collateral update in Q1 2023 |
|
| Bermuda | Appleby | Netting | Update published in 2023 |
| Harneys | Collateral, CM Reliance, Client Reliance | Client Reliance original published in 2023
Commissioned updates in 2022 (Q4) |
|
| Brazil | Pinheiro Neto Advogados | Netting, Collateral, CM Reliance | Update published in 2023 |
| British Virgin Islands | Harneys | Netting, Collateral, CM Reliance, Client Reliance | Commissioning update in Q4 2023. |
| Canada | Osler | Netting, Collateral, CM Reliance | Commissioning update in Q2 2023. |
| Canada (Quebec) | Stikeman | Collateral | Commissioning updates in 2022 (Q2) |
| Cayman Islands | Maples and Calder | Netting, Collateral, CM Reliance, Client Reliance | Updates published in 2023 |
| Chile | Carey y Cia Ltda | Netting, Collateral, CM Reliance | Commissioning update in Q4 2023. |
| China | King & Wood Mallesons | Netting, Collateral, CM Reliance | Updates published in 2023 |
| Colombia | Gomez-Pinzon | Netting, Collateral, CM Reliance | Commissioned updates in 2022 (Q4) |
| Costa Rica | Consortium Legal | Netting | Commissioning update in Q4 2023. |
| Croatia | Schoenherr Rechtsanwaelte GmbH | Netting, Collateral | Netting opinion published in 2023. Collateral opinions published in 2022 |
| Curacao, Aruba, St. Maarten | Clifford Chance LLP | Netting, Collateral, CM Reliance | Commissioning update in Q2 2023. |
| Cyprus | Harneys | Netting, Collateral, CM Reliance | Commissioned updates in 2022 (Q3) |
| Czech Republic | Allen & Overy | Netting, Collateral, CM Reliance, Client Reliance | Commissioning update in Q3 2023. |
| Denmark | Gorrissen Federspiel | Netting, Collateral, CM Reliance, Client Reliance | Updates published in 2023 |
| England and Wales | Linklaters | Netting, Collateral | Commissioned netting update in Q1 2023. Collateral opinions published in 2023. |
| Allen & Overy | CM Reliance, Client Reliance | Commissioning update in Q2 2023. | |
| Finland | DLA Piper Finland | Collateral | Updates published in 2023 |
| Hannes Snellman | Netting, CM Reliance, Client Reliance | Updates published in 2023. Client Reliance opinion published in 2022 | |
| France | Jones Day | Netting, Collateral, CM Reliance, Client Reliance | Updates published in 2023 |
| Georgia | Dentons | Netting | Commissioning update in Q4 2023 |
| Germany | Clifford Chance Deutschland LLP | CM Reliance, Client Reliance | Commissioning update in Q4 2023 |
| Linklaters | Netting, Collateral | Commissioned netting update in Q1 2023
Collateral updates published in 2023 |
|
| Greece | Karatzas & Partners | Netting, Collateral, CM Reliance, Client Reliance | Updates published in 2023 |
| Guernsey | Ogier | Netting, Collateral, CM Reliance | Updates published in 2023 |
| Hong Kong | Linklaters | Netting, Collateral, CM Reliance, Client Reliance | Updates published in 2023 |
| Hungary | Allen & Overy LLP | Netting, Collateral, CM Reliance, Client Reliance | Updates published in 2023 |
| Iceland | Logos | Netting, Collateral, CM Reliance | Updates published in 2023 |
| India | Juris Corp | Netting, Collateral, CM Reliance | Collateral and CM Reliance updates published in 2023
Netting commissioning update in Q4 2023 |
| Indonesia | Armand Yapsunto Muharamsyah & Partners | Netting, Collateral | Commissioned updates in 2022 (Q4) |
| Ireland | McCann Fitzgerald | Netting, Collateral, CM Reliance, Client Reliance | Updates published in 2023 |
| Israel | Yigal Arnon & Co. | Collateral | Updates published in 2023 |
| Meitar Liquornik Geva Lesham Tal | Netting, CM Reliance | Updates published in 2023 | |
| Italy | Allen & Overy | Netting, Collateral, CM Reliance, Client Reliance | Updates published in 2023 |
| Japan | Linklaters | Netting, Collateral, CM Reliance | Updates published in 2023 |
| Kazakhstan | Dentons Kazakhstan LLP | Netting | Original opinion published in 2023 |
| Jersey | Ogier | Netting, Collateral, CM Reliance | Updates published in 2023 |
| Latvia | |||
| Liechtenstein | Gasser & Partner | Netting, Collateral, CM Reliance | Updates published in 2023.
CM Reliance opinion published in 2022 |
| Lithuania | Sorainen | Netting | Commissioning update in Q4 2023. |
| Luxembourg | Linklaters LLP | Collateral | Updates published in 2023 |
| Allen & Overy | Netting, CM Reliance, Client Reliance | Commissioning update in Q4 2023. | |
| Malaysia | Shearn Delamore and Co | Netting, Collateral, CM Reliance | Updates published in 2023 |
| Malta | GANADO Advocates | Netting, Collateral, CM Reliance, Client Reliance | Updates published in 2023 |
| Mauritius | Appleby Global | Netting, Collateral, CM Reliance | Updates published in 2023 |
| Mexico | Ritch Mueller | Netting, Collateral, CM Reliance, Client Reliance | CM Reliance update published in 2023
Netting, Collateral and Client Reliance updates published in 2022 |
| Netherlands | NautaDutilh N.V., the Netherlands | Collateral, CM Reliance, Client Reliance | Updates published in 2023 |
| De Brauw Blackstone Westbroek | Netting | Commissioned update in Q1 2023 | |
| New Zealand | Bell Gully | Netting, Collateral, CM Reliance, Client Reliance | Commissioning update in Q2 2023. |
| Nigeria | G. Elias & Co | Netting | Commissioning update in Q2 2023. |
| Norway | Wiersholm | Netting, Collateral, CM Reliance, Client Reliance | Updates published in 2023 |
| Peru | Baker & McKenzie | Netting, Collateral, CM Reliance | Commissioning update in Q3 2023 |
| Philippines | Morales & Justiniano | Netting, Collateral, CM Reliance | Netting, Collateral and CM Reliance updates published in 2022
Client Reliance update published in 2023 |
| Poland | Allen & Overy | Netting, Collateral, CM Reliance, Client Reliance | Updates published in 2023 |
| Portugal | PLEN Sociedade de Advogados, RL | Netting | Commissioning update in Q3 2023 |
| CARDIGOS e Associados | Collateral, CM Reliance, Client Reliance | Commissioning update in Q3 2023 | |
| Qatar (QFC) | Simmons & Simmons | Netting | Update published in 2023 |
| Romania | Leroy si Asociatii | Netting, Collateral, CM Reliance | Updates published in 2023 |
| Russia | Clifford Chance | Netting, Collateral, CM Reliance | |
| Scotland | CMS Cameron McKenna | Netting, Collateral, CM Reliance, Client Reliance | Updates published in 2023 |
| Serbia | Schoenherr | Netting | Commissioning update in Q4 2023. |
| Singapore | Allen & Gledhill LLP | Netting, Collateral, CM Reliance, Client Reliance | Updates published in 2023 |
| Slovakia | Allen & Overy Bratislava s.r.o. | Netting | Commissioning update in Q4 2023. |
| Slovenia | Boštjan Špec, odvetnik | Netting, Collateral, CM Reliance | Updates published in 2023 |
| South Africa | DLA Piper | Netting, Collateral, CM Reliance | Updates published in 2023 |
| South Korea | Kim & Chang | Netting, Collateral, CM Reliance | Updates published in 2023 |
| Spain | Clifford Chance | Netting and Collateral | Commissioning collateral update in Q2 2023 |
| Alarde | CM Reliance, Client Reliance | Updates published in 2023 | |
| Sweden | Wistrand Advokatbyrå Göteborg KB | Netting, CM Reliance, Client Reliance | Commissioning update in Q4 2023 |
| Mannheimer Swartling | Collateral | Commissioning update in Q4 2023 | |
| Switzerland | Lenz & Staehelin | Netting, Collateral, CM Reliance, Client Reliance | Commissioning update in Q4 2023 |
| Taiwan | Russin & Vecchi | Netting, Collateral, CM Reliance | Netting update published in 2023
Collateral, CM Reliance commissioning update in Q2 2023 |
| Thailand | Baker & McKenzie | Netting, Collateral, CM Reliance | Commissioning update in Q3 2023 |
| Turkey | Pekin & Pekin | Netting, Collateral, CM Reliance, Client Reliance | Commissioning update in Q4 2023 |
| UAE (ADGM) | Shearman & Sterling | Netting, Collateral, CM Reliance | Updates published in 2023 |
| UAE (DIFC free zone) | Clifford Chance | Netting | Commissioned updates in 2022 (Q4) |
| UAE (Federal) | Clifford Chance | Netting | Commissioned updates in 2022 (Q4) |
| USA | Sidley Austin LLP | Opinions for Insurance Companies (AZ,CT,DE,IL,IN,IA,MA,MN,NY,VA) | Updates published in 2023
DE and NY pending |
| Mayer Brown LLP | Netting, Collateral | Pending |
* The date refers to the period the update to the opinion will be commissioned.
ISDA Contacts
If you require further information on any of the above jurisdictions, please contact the relevant contact below for your jurisdiction of interest.
Europe, the Middle East & Africa – Annabel Akintomide
Americas – Megan O’Flynn and Fred Quenzer
Australasia – Jing Gu and Monica Chiu
For general opinion queries, please contact Annabel Akintomide and Breda Walsh.