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1.2 Legal opinions overview

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This guide contains legal opinions from King and Wood Mallesons (formerly Mallesons Stephen Jaques) on the following topics.

Legal opinions which have been provided with respect to the enforceability of close-out netting include:


  • Close-out netting: Summary of the Australian Netting Legislation and Insolvency Proceedings ([4.4.3]); and
  • Opinions on the following master agreements, which cross-refer to the summary opinion above:
    • GMRAs governed by Australian law and AFMA Annexes ([2.2.5.30]);
    • ISDA Master Agreements governed by Australian law ([4.3.3] and [2.1.3.20.1]); and
    • GMSLAs governed by Australian law and AMSLAs ([2.3.4])

  • Separate legal opinions have also been provided with respect to the following:

  • ICOM Agreements, IFEMA Agreements and FEOMA Agreement ([2.4.1] and [6.2.1.1]);
  • 2009 ISDA Credit Derivatives Determinations Committees and Auction Settlement Supplement to the 2003 ISDA Credit Derivative Definitions ([3.4.1]);
  • 2009 ISDA Credit Derivatives Determinations Committees and Auction Settlement CDS Protocol (also referred to as the “CDS Big Bang Protocol”) ([3.4.2]);
  • 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restructuring Supplement to the 2003 ISDA Credit Derivatives Definitions (also referred to as the “CDS Small Bang Protocol”) ([3.4.3]);
  • 2014 ISDA Credit Derivatives Definitions ([3.4.4]);
  • 1996 ISDA Equity Derivatives Definitions and 2002 ISDA Equity Derivatives Definitions ([3.5.1]);
  • 1993 ISDA Commodity Derivatives Definitions (supplemented by the 2000 supplement), 1997 ISDA Bullion Definitions, 1997 ISDA Short Form Bullion Definitions and 2005 ISDA Commodity Definitions ([3.10.1]);
  • GST and derivatives ([4.2.1]);
  • ISDA 2005 Novation Protocol ([4.5.5.10]);
  • Validity and enforceability under Australian Law of collateral arrangements under an Australian law governed 1995 ISDA Credit Support Annex (Bilateral form – Transfer) ([4.6.3.40.1]);
  • EMU Protocol ([4.7.4]);
  • Application of the Personal Property Securities Act 2009 (“PPSA”) to OTC derivative master agreements ([4.8]); and
  • Review of ISDA Definitions and Australian Addenda ([6.1.2]).