Sullivan
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Biography

Jay practices in the area of corporate, banking and securities law with special emphasis on domestic and international secured lending transactions, international trade finance and mergers and acquisitions. He has advised on international corporate finance transactions, supply chain finance transactions, private equity transactions, corporate governance matters and public and private securities transactions, representing public and private companies, investment banks, commercial banks and high-net-worth individuals.

Education
  • Duke University School of Law (J.D., with distinction)
  • Lafayette College (B.A., magna cum laude)
    • Phi Beta Kappa
Bar & Court Admissions
  • New York
  • U.S. District Court, Eastern District of New York
  • U.S. District Court, Southern District of New York
Professional Qualifications
  • Association of the Bar of the City of New York
  • American and New York State Bar Associations
Sullivan Advises BAFT and ITFA on Amendment Agreements to MPAs
(London and New York) – Global law firm Sullivan has advised international financial services association BAFT (the Bankers Association for Finance & Trade), together with ITFA (the International Trade and Forfaiting Association), through its Market Practice Committee, on key amendments to reflect the cession of LIBOR to the following documents: BAFT Master Participation Agreement 2008 English Law Form of Amendment Agreement to 2008 English Law MPA BAFT Master Participation Agreement 2018 English Law Form of Amendment Agreement to 2018 English Law MPA BAFT Master Participation Agreement 2010 (New York Law) Form of Amendment Agreement to 2010 New York Law MPA BAFT Master Participation Agreement 2019 (New York Law) Form of Amendment Agreement to 2019 New York Law MPA The suite of MPAs are industry standard documents used by banks and their counterparties around the globe to facilitate the buying and selling of country and bank trade-related assets. They have been updated as the trade finance industry transitions to alternative risk-free reference term rates (RFRs), following the cessation of LIBOR. The amendment agreements can be used to make changes to existing MPAs. For those wishing to enter into new agreements reflecting the changes, and for new MPAs in the future, updated versions of the various MPAs are available. The approach taken is to replace the references to LIBOR by references to relevant central bank rates for those currencies for which LIBOR is currently quoted. The changes only deal with LIBOR replacement and not with any other issues or developments since each MPA was published. The amendment agreements do not amend the rate in any participated transactions and only in the MPA itself. Participated transactions can use a variety of rates, as specified in an Offer. Geoffrey Wynne, head of Sullivan’s Trade & Export Finance Group, commented: “The MPAs help those active in the trade finance market to keep trade finance flowing internationally, and are vital documents for those negotiating and agreeing the sale and purchase of trade-related assets. Sullivan is delighted to have advised BAFT and ITFA on these essential industry documents, again, involving lawyers from our team in both New York and London, illustrating the strength of our international trade finance team.” BAFT Members can download the new MPAs documents here. The Sullivan team was led by Trade & Export Finance partners Geoffrey Wynne in London and Jon ‘Jay’ Jenkins in New York and former Senior Knowledge Development Lawyer Jacqueline Cook in London, with support from a team drawn from across the firm’s US and London offices. About Sullivan Sullivan & Worcester (Sullivan) is a leading AmLaw 200 law firm. With over 200 attorneys in Boston, London, New York, Tel Aviv and Washington, DC, they guide organizations that are rewriting the rules. Sullivan’s clients, including Fortune 500 companies and emerging businesses, rely on Sullivan’s strategic vision, comfort with complexity and intense focus on results. As a global law firm, Sullivan’s reach extends beyond the United States. Sullivan has represented clients around the world and has a deep bench for working on a variety of matters and issues affecting clients globally.
Sullivan Advises BAFT and ITFA on Updated New York Law Master Participation Agreement
New York and London - International law firm Sullivan has advised international financial services association BAFT (the Bankers Association for Finance & Trade), together with ITFA (the International Trade and Forfaiting Association), on the updated New York law Master Participation Agreement (NY MPA) and associated usage guidelines, published yesterday. The original NY MPA, drafted almost a decade ago and updated for the first time this year, serves as the industry standard for secondary market transactions to facilitate the buying and selling of trade finance-related assets globally. The new NY MPA closely follows the updated English law document and is supported by a number of guidance notes. All the relevant documents can be found in the members’ section of the BAFT website. BAFT, together with ITFA, put together a working group of experts to review the existing forms and identify necessary changes based on current market practice. The update helps to standardise documentation for trade finance transactions and will ensure that bank clients, government bodies and investors better understand and utilise trade finance assets. Geoffrey Wynne, head of the Trade & Export Finance Group and Sullivan's London office, commented: "Following the major update to the English law MPA in September, this update to the New York law equivalent brings it right up to date. The English law and NY law MPAs help those active in the trade finance market to keep trade finance flowing internationally. We are very pleased to have been involved with lawyers from our team in both New York and London, illustrating again the strength of our international trade finance team." The Sullivan team was led by Trade & Export Finance Partners Geoffrey Wynne in London and Jon ‘Jay’ Jenkins in New York, with support from a team drawn from across the firm’s US and London offices. About Sullivan In 2019, Sullivan was named "Best Trade Finance Law Firm" 2019, by both leading trade finance publication Global Trade Review (GTR) at its annual Leaders in Trade Awards, held in May, and Trade Finance Global (TFG) at their2019 International Trade Finance Awards held in February. Sullivan (formerly known as Sullivan & Worcester) represents clients that represent the future. From investment management, trade finance, taxation, real estate, including sophisticated REIT and opportunity zone structures, to blockchain ventures and complex business transactions and related disputes. Sullivan’s nearly 200 attorneys in Boston, London, New York, Tel Aviv and Washington, DC, guide organizations that are rewriting the rules. Sullivan’s clients, including Fortune 500 companies and emerging businesses, rely on Sullivan’s strategic vision, comfort with complexity and intense focus on results. Sullivan’s London office is located at Tower 42 in the heart of the City of London. Details are as follows: 25 Old Broad Street, London EC2N 1HQ, Tel: +44 (0)20 7448 1000. For more information please visitus at ourwebsite, onTwitterorLinkedIn. Contact: Will Hulbert +44 (0)1603 431 936 will@hulbertandco.com

Jon M. Jenkins

Jay practices in the area of corporate, banking and securities law with special emphasis on domestic and international secured lending transactions, international trade finance and mergers and acquisitions. He has advised on international corporate finance transactions, supply chain finance transactions, private equity transactions, corporate governance matters and public and private securities transactions, representing public and private companies, investment banks, commercial banks and high-net-worth individuals.

Sullivan Advises BAFT and ITFA on Amendment Agreements to MPAs
(London and New York) – Global law firm Sullivan has advised international financial services association BAFT (the Bankers Association for Finance & Trade), together with ITFA (the International Trade and Forfaiting Association), through its Market Practice Committee, on key amendments to reflect the cession of LIBOR to the following documents: BAFT Master Participation Agreement 2008 English Law Form of Amendment Agreement to 2008 English Law MPA BAFT Master Participation Agreement 2018 English Law Form of Amendment Agreement to 2018 English Law MPA BAFT Master Participation Agreement 2010 (New York Law) Form of Amendment Agreement to 2010 New York Law MPA BAFT Master Participation Agreement 2019 (New York Law) Form of Amendment Agreement to 2019 New York Law MPA The suite of MPAs are industry standard documents used by banks and their counterparties around the globe to facilitate the buying and selling of country and bank trade-related assets. They have been updated as the trade finance industry transitions to alternative risk-free reference term rates (RFRs), following the cessation of LIBOR. The amendment agreements can be used to make changes to existing MPAs. For those wishing to enter into new agreements reflecting the changes, and for new MPAs in the future, updated versions of the various MPAs are available. The approach taken is to replace the references to LIBOR by references to relevant central bank rates for those currencies for which LIBOR is currently quoted. The changes only deal with LIBOR replacement and not with any other issues or developments since each MPA was published. The amendment agreements do not amend the rate in any participated transactions and only in the MPA itself. Participated transactions can use a variety of rates, as specified in an Offer. Geoffrey Wynne, head of Sullivan’s Trade & Export Finance Group, commented: “The MPAs help those active in the trade finance market to keep trade finance flowing internationally, and are vital documents for those negotiating and agreeing the sale and purchase of trade-related assets. Sullivan is delighted to have advised BAFT and ITFA on these essential industry documents, again, involving lawyers from our team in both New York and London, illustrating the strength of our international trade finance team.” BAFT Members can download the new MPAs documents here. The Sullivan team was led by Trade & Export Finance partners Geoffrey Wynne in London and Jon ‘Jay’ Jenkins in New York and former Senior Knowledge Development Lawyer Jacqueline Cook in London, with support from a team drawn from across the firm’s US and London offices. About Sullivan Sullivan & Worcester (Sullivan) is a leading AmLaw 200 law firm. With over 200 attorneys in Boston, London, New York, Tel Aviv and Washington, DC, they guide organizations that are rewriting the rules. Sullivan’s clients, including Fortune 500 companies and emerging businesses, rely on Sullivan’s strategic vision, comfort with complexity and intense focus on results. As a global law firm, Sullivan’s reach extends beyond the United States. Sullivan has represented clients around the world and has a deep bench for working on a variety of matters and issues affecting clients globally.
Sullivan Advises BAFT and ITFA on Updated New York Law Master Participation Agreement
New York and London - International law firm Sullivan has advised international financial services association BAFT (the Bankers Association for Finance & Trade), together with ITFA (the International Trade and Forfaiting Association), on the updated New York law Master Participation Agreement (NY MPA) and associated usage guidelines, published yesterday. The original NY MPA, drafted almost a decade ago and updated for the first time this year, serves as the industry standard for secondary market transactions to facilitate the buying and selling of trade finance-related assets globally. The new NY MPA closely follows the updated English law document and is supported by a number of guidance notes. All the relevant documents can be found in the members’ section of the BAFT website. BAFT, together with ITFA, put together a working group of experts to review the existing forms and identify necessary changes based on current market practice. The update helps to standardise documentation for trade finance transactions and will ensure that bank clients, government bodies and investors better understand and utilise trade finance assets. Geoffrey Wynne, head of the Trade & Export Finance Group and Sullivan's London office, commented: "Following the major update to the English law MPA in September, this update to the New York law equivalent brings it right up to date. The English law and NY law MPAs help those active in the trade finance market to keep trade finance flowing internationally. We are very pleased to have been involved with lawyers from our team in both New York and London, illustrating again the strength of our international trade finance team." The Sullivan team was led by Trade & Export Finance Partners Geoffrey Wynne in London and Jon ‘Jay’ Jenkins in New York, with support from a team drawn from across the firm’s US and London offices. About Sullivan In 2019, Sullivan was named "Best Trade Finance Law Firm" 2019, by both leading trade finance publication Global Trade Review (GTR) at its annual Leaders in Trade Awards, held in May, and Trade Finance Global (TFG) at their2019 International Trade Finance Awards held in February. Sullivan (formerly known as Sullivan & Worcester) represents clients that represent the future. From investment management, trade finance, taxation, real estate, including sophisticated REIT and opportunity zone structures, to blockchain ventures and complex business transactions and related disputes. Sullivan’s nearly 200 attorneys in Boston, London, New York, Tel Aviv and Washington, DC, guide organizations that are rewriting the rules. Sullivan’s clients, including Fortune 500 companies and emerging businesses, rely on Sullivan’s strategic vision, comfort with complexity and intense focus on results. Sullivan’s London office is located at Tower 42 in the heart of the City of London. Details are as follows: 25 Old Broad Street, London EC2N 1HQ, Tel: +44 (0)20 7448 1000. For more information please visitus at ourwebsite, onTwitterorLinkedIn. Contact: Will Hulbert +44 (0)1603 431 936 will@hulbertandco.com