BANK 4.5.19 Legal opinion must cover transaction

(1) A banking business firm must ensure that a netted transaction is covered by an appropriate legal opinion.
(2) In calculating the net sum due to or from a counterparty, the firm must exclude netted transactions for which it has not obtained a satisfactory legal opinion applicable in the relevant jurisdiction. An excluded transaction must be reported on a gross basis.
Derived from QFCRA RM/2014-2 (as from 1st January 2015).