The legal structure and regulation of securities lending (Pt 2)

connection with the collapse of Opes Prime in Australiaand the Australian Federal Court decision whichconsidered the legal characterisation of securities loans.The Opes Prime collapse provoked huge controversyregarding the role of securities lending and the ensuingcourt decision was the first judicial examination ofsecurities lending in Australia.1 The article also considersthe regulatory responses to securities lending and shortselling taken by the International Organisation ofSecurities Commissions (IOSCO) and in Australia, theUnited Kingdom, Europe and the United States duringthe global financial crisis.