Saudi Arabia poised to become clean netting jurisdiction
Isda AGM: Netting regulation awaiting final approvals from regulators
Saudi Arabia is set to become the final G20 country to implement close-out netting legislation, with the Gulf state’s central bank having recently finalised new rules.
The draft regulation on netting agreements and collateral arrangements sets out that netting is permitted once bankruptcy procedures have commenced and is broadly aligned with the International Swaps and Derivatives Association’s model netting law.
It applies to so-called qualified financial contracts – that is, most derivatives
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