21. For the purposes of paragraph 20, institutions may rely on a single legal opinion in relation …

For the purposes of paragraph 20, institutions may rely on a single legal opinion in relation to multiple collateral arrangements where it relates to the same applicable law. Institutions should obtain additional legal opinion relating to any substantive variation to the terms of the collateral arrangement that could affect the legal effectiveness and enforceability of the specific collateral arrangement. At a minimum, changes in the legal framework applicable to the collateral arrangements and application of the collateral arrangement to other types of exposures or to obligors classified to other exposure classes or to other types of obligors, meaning individual persons or legal entities, should always be considered cases of substantive variation to the terms of the collateral arrangement.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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