Page 12 - 期货和衍生品行业监管动态（2025年7月）

期货和衍生品行业监管动态

与其高度一致的净额结算监管规定草案，该草案将涵盖其他金融市场参与者，包

括资产管理公司和基础设施提供商。沙特资本市场管理局监管规定最终确定后，

ISDA 的净额结算法律意见将扩展以涵盖这些规则。

ISDA 主协议净额结算法律意见可在此处获取。

ISDA/IIFM Tahawwut 主协议净额结算法律意见可在此处获取。

ISDA Publishes Saudi Arabia Netting Opinions (2025/6/30)

ISDA has published new legal opinions that recognize the enforceability of

close-out netting under regulations published by the Saudi Central Bank (SAMA)

earlier this year.

SAMA’s netting regulations were published in February, meaning all

Group-of-20 jurisdictions now recognize the enforceability of close-out netting. The

regulations, which are closely based on ISDA’s 2018 Model Netting Act, apply if at

least one party is supervised by SAMA, which includes banks and non-banking

financial institutions supervised by SAMA. Riyadh-based law firm STAT was

commissioned by ISDA to draft the netting opinions – one under the ISDA Master

Agreement and one for Islamic derivatives under the ISDA/International Islamic

Financial Market Tahawwut Master Agreement.

“The SAMA regulations mark a significant milestone in the development of a

robust and efficient derivatives market in Saudi Arabia. The ISDA netting opinions

will give firms enhanced certainty and confidence to trade derivatives with Saudi

counterparties regulated by SAMA, encouraging more participation and increasing the

depth and liquidity of Saudi capital markets. We would like to thank SAMA for its

close coordination with ISDA and the industry during the development of the

regulations,” said Scott O’Malia, ISDA’s Chief Executive.

ISDA has consistently advocated for enforceable close-out netting as a critical

foundation of safe and efficient derivatives markets and has published netting

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