The legal structure and regulation of securities lending

This paper examines the legal structure of securities lending in Australia, and also Europe, the United
Kingdom and United States. It provides an analysis of the widely used industry documents, the Australian
Master Securities Lending Agreement and the Global Master Securities Lending Agreement (GMSLA). It
outlines the regulation of securities lending and short selling, including restrictions on short selling and
the applicable disclosure requirements. It discusses the collapse of Opes Prime and the key Federal Court
decision which considered the legal effect of the AMSLA. It also outlines the regulatory responses to
securities lending and short selling taken by IOSCO, in Europe, the United States and the United Kingdom during the global financial crisis.

本论文剖析了澳大利亚、欧洲、英国及美国的证券借贷法律架构。本文针对行业广泛使用的两类标准行业文本——《澳大利亚证券借贷主协议》（Australian Master Securities Lending Agreement，AMSLA）与《全球证券借贷主协议》（Global Master Securities Lending Agreement，GMSLA）开展了系统性分析。此外，本文概述了证券借贷与卖空的监管规则体系，涵盖卖空限制及适用的信息披露要求。文中探讨了奥普斯Prime（Opes Prime）破产事件，以及由澳大利亚联邦法院作出的、考量《澳大利亚证券借贷主协议》法律效力的关键判决。同时，本文还梳理了全球金融危机期间，国际证券委员会组织（International Organization of Securities Commissions，IOSCO）针对欧洲、美国及英国的证券借贷与卖空所采取的监管应对举措。