Sullivan Advises ITFA on the Development and Launch of the New Uniform Rules for Transferable Electronic Payment Obligations

Press Release
December 7, 2022

London, UK – Sullivan & Worcester UK LLP (Sullivan) is pleased to have advised ITFA (the International Trade and Forfaiting Association), through its drafting committee, on the development and launch of the new Uniform Rules for Transferable Electronic Payment Obligations (URTEPO).

As new technology and legislation enables the creation of electronic payment obligations, ITFA has published this new - and unique - set of rules covering the transfer of these obligations. The rules provide the industry with a robust framework within which to operate with confidence, and enable the modernisation of the traditional forfaiting market.

In this context, the rules should be considered as an evolution of  URF800 (Uniform Rules for Forfaiting) that were previously published by the International Chamber of Commerce (ICC) in conjunction with ITFA, and that will continue to co-exist as the URF covers paper-based instruments and the URTEPO focuses on electronic obligations. The new URTEPO can be accessed through ITFA’s website, here.

Geoffrey Wynne, head of Sullivan’s Trade & Export Finance Group and the London office, leading the team advising ITFA commented:  "These new rules govern the transfer of electronic payment obligations and provide a  detailed way to effect a transfer. They represent a significant development for the industry as a whole as it continues to move into the fast-changing digital world. Sullivan is delighted to have been involved in helping to draft the rules, working closely with ITFA and as part of the working party, not least as they have been delivered in under a year. I have no doubt that these rules will be of significant benefit for all those who chose to adopt them."

The Sullivan team was led by Trade & Export Finance partner Geoffrey Wynne in London,  with support from a team drawn from the firm’s London office.  Further details are accessible here.

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. 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 represents clients around the world on a wide variety of matters and issues affecting them globally.

In London, the office’s market-leading and multiple award-winning trade finance practice is the premium provider of legal advice in relation to trade, export and commodity finance transactions to major trade finance banks and other financial institutions, funds, corporate borrowers, agents and trustees, and national and international organisations. The team’s unique offering includes an integrated insurance and dispute resolution service handling both transactional and contentious instructions.

The firm hosts bi-monthly webinars for 100+ clients, addressing key trade and export finance issues, as well as writing its Talking Trade Finance blog and contributing to industry events.

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 further information please visit the firm’s website, as well as LinkedIn and Twitter.

Contacts:

Geoffrey Wynne
Partner, Sullivan & Worcester UK LLP
+44 (0)20 7448 1001
gwynne@sullivanlaw.com

Will Hulbert
Public Relations
+44 (0)1603 431 936
will@hulbertandco.com

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