Sullivan Provides Updated Legal Opinion on English Law MPA for ITFA and BAFT

Industry standard English law Master Participation Agreement legal opinion updated for use in satisfying regulatory requirements in trade finance transactions within the European Union
Press Release
October 9, 2017

London, UK; October 9, 2017 - International law firm Sullivan, on behalf of the International Trade and Forfaiting Association (ITFA) and international financial services association, BAFT, has issued an updated opinion on the BAFT English law Master Participation Agreement (MPA) for banks which are members of either ITFA or BAFT to use in satisfying regulatory requirements in trade finance transactions within the European Union.

ITFA and BAFT originally produced this legal opinion as a benefit for their member institutions. The opinion was to be updated from time to time. This updated opinion continues to aim to reduce the cost and complexity for banks that are subject to EU rules and to help increase the ease of doing business under the English law version of the BAFT Master Participation Agreement (MPA). It replaces the original legal opinion issued on May 1, 2015.

Geoffrey Wynne, head of the Trade & Export Finance Group and Sullivan’s London office, who signed the legal opinion, commented: "We are pleased to have updated this important opinion for BAFT and ITFA. We anticipate that the trade finance market will continue to find it useful in meeting their regulatory requirements. It demonstrates the strength of our practice in trade finance and in considering and handling important issues such as the ability for banks to transfer risk between themselves for the purposes of Article 914 and subsequent sections of the Capital Requirements Regulation (CRR)."

About Sullivan

Sullivan is a leading corporate law firm advising clients ranging from Fortune 500 companies to emerging businesses. With more than 175 lawyers in Boston, London, New York, Tel Aviv and Washington, D.C., the firm offers services across a wide range of areas, including corporate finance, banking, trade and export finance, securities and mutual funds, litigation, mergers and acquisitions, intellectual property, tax, real estate and REITs, private equity and venture capital, bankruptcy, environment and natural resources, climate change, renewable energy and water resources, regulatory, and employment and benefits law.

In London, the office’s market-leading trade and export finance practice works closely with the dispute resolution and insurance advisory and recovery practices. It is a premium provider of legal advice in relation to trade, export and commodity finance transactions and covers cross-border syndicated lending, structured export credit finance, structured trade and commodity finance, receivable purchase transactions, commodity repurchase agreements (repos) and debt restructurings, as well as project and infrastructure finance, and acquisition and asset finance.

The team advises trade finance banks, financial institutions, investment funds, export credit agencies, corporate borrowers, agents and trustees, and national and international organisations. It has advised on numerous award-winning finance transactions throughout Africa, Western, Central and Eastern Europe, Russia and the CIS and the Middle East.

Sullivan's London office is located at Tower 42 in the heart of the City of London. For more information, please visit and @sullivanlaw.

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