Sullivan & Worcester Advises BAFT on Update to the English Law Master Participation Agreement (MPA)
London, UK; September 4, 2018 – International law firm Sullivan & Worcester has advised international financial services association, BAFT (the Bankers Association for Finance & Trade), on its updated English law Master Participation Agreement (MPA) and associated usage guidelines, published today.
The original English law MPA, drafted more than 10 years 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.
BAFT, together with ITFA (International Trade and Forfaiting Association), 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 commented: "This major update to the English law MPA brings it right up to date. Those active in the trade finance market rely on the MPA to help keep trade finance flowing internationally. It again demonstrates the strength of our practice and we are delighted to have advised BAFT."
The Sullivan & Worcester team was led by Trade & Export Finance partner Geoffrey Wynne and Managing Associate Hannah Fearn in London, with support from consultant Kate Richardson whilst at Sullivan & Worcester.
About Sullivan & Worcester
Sullivan & Worcester is a leading law firm advising clients ranging from Fortune 500 companies to emerging businesses. With 200 lawyers in Boston, London, New York, Tel Aviv and Washington, D.C., the firm offers services in a wide range of areas, including corporate finance, banking, trade finance, securities and mutual funds, litigation and dispute resolution, mergers and acquisitions, tax, real estate and REITs, private equity and venture capital, bankruptcy, environment and natural resources, climate change, renewable energy and water resources, regulatory law, and employment and benefits law.
The firm has won a number of awards in relation to trade finance in recent years in London: Global Trade Review (GTR) named Sullivan & Worcester the 'Best Trade Finance Law Firm' for two years in a row at the 2016 and 2015 annual 'Leaders in Trade Awards'; TFR named the firm the 'Best Law Firm in Trade Finance' in 2016, 2015 and 2014, and Geoffrey Wynne, partner and head of the trade and export finance practice, was named to the UK Legal 500 Hall of Fame for his work in Trade Finance in 2018 as well as being honoured with the 'Fellowship Award' at the Trade & Forfaiting Review (TFR) Excellence in Trade Awards 2017. Sullivan & Worcester is also acknowledged as a market leader for trade finance in both the UK Legal 500, 2017 and Chambers UK, 2018.