Status of Netting Legislation

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
Andorra Adopted
Anguilla Adopted
Argentina Under Consideration
Armenia Adopted
Australia Adopted
Austria Adopted
Bahrain Adopted
Belgium Adopted
Brazil Adopted
British Virgin Islands Adopted
Canada Adopted
Channel Islands – Jersey Adopted
Chile Under Consideration
Colombia Adopted
Croatia Adopted
Czech Republic Adopted
Denmark Adopted
Estonia Adopted
Finland Adopted
France Adopted
Georgia Under Consideration
Germany Adopted
Greece Adopted
Hungary Adopted
Ireland Adopted
Israel Adopted
Italy Adopted
Japan Adopted
Liechtenstein Adopted
Lithuania Adopted
Luxembourg Adopted
Malaysia Adopted
Malta Adopted
Mauritius Adopted
Mexico Adopted
Morocco Under Consideration
New Zealand Adopted
Norway Adopted
Pakistan Under Consideration
Peru Adopted
Poland Adopted
Portugal Adopted
Romania Adopted
Russia Adopted
Serbia Under Consideration
Seychelles Under Consideration
Slovakia Adopted
Slovenia Adopted
South Africa Adopted
South Korea Adopted
Spain Adopted
Sweden Adopted
Switzerland Adopted
Ukraine Under Consideration
United Arab Emirates Adopted (in the DIFC and ADGM free zones) / Under Consideration (at federal law level)
United Kingdom Adopted *
United States Adopted

 

* United Kingdom ISDA provides legal opinions for the laws of England & Wales as well as Scotland. As of February 21, 2009, the UK Banking Act introduced a new insolvency law for all UK jurisdictions providing for a special resolution regime for banks and building societies. This includes specific netting legislation for transactions with such counterparties. With regard to most other counterparties the previous regime remains in place. In England, the enforceability of netting is widely accepted without the need for specific statutory recognition. Please refer to the ISDA netting opinions on English and Scots law respectively. For other jurisdictions without specific netting statutes, eg, Turkey, Netherlands, Hong Kong, please refer to the relevant ISDA netting opinions.