Deliveries of Income - GMSLA Provision: Difference between revisions

Deliveries of Income - GMSLA Provision (view source)

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-{{gmslaanat|4.4}}
+{{gmslaanat|4.4}}[[Freshfields]]’ {{gmsla}} guidance notes helpfully provide that “Paragraph 4.4 provides for the mechanism for the delivery of income payments.”
+Well, gee, fellas — thanks for writing in. What these customary and appropriate endorsements or assignments might be, and why the [[Manufactured payments in respect of Loaned Securities - GMSLA Provision|manufacturer]] has to grant them, even where the actual securities issuer didn’t, we can only speculate. Perhaps — speculation here — it is because the {{gmslaprov|Borrower}} is most likely to have immediately sold the {{gmslaprov|Loaned Securities}} into the market — the major purpose of a {{Gmsla}} being short serlling, after all — and so won’t ''get'' any {{gmslaprov|Income}} under the shares, much less any “customary endorsements” relating to it, whatever in this day and age that might mean.
+The same goes — with less certainty, perhaps<ref>The {{gmslaprov|Lender}} isn’t acquiring the {{gmslaprov|Collateral}} with the express purpose of selling it, although it does acquire it by [[title transfer]] and absolutely is entitled to sell it.</ref> — for the {{gmslaprov|Lender}} of {{gmslaprov|Collateral}} that is has received by [[title transfer]]. So it would be interesting to contrast this with the equivalent provision in the {{pgmsla}}, wouldn’t it.
+Let’s therefore go and do that. Back in a minute.