Sullivan & Worcester's Article 194 opinion on the BAFT Master Participation agreement
Sullivan & Worcester hosted a Trade Finance Breakfast Seminar entitled "Sullivan & Worcester's Article 194 opinion on the BAFT Master Participation agreement" on May 28, 2015 at Pinners Hall in London.
ITFA and BAFT launched S&W's legal opinion in respect of the BAFT English law MPA and the requirements for credit risk mitigation under the Capital Requirements Regulation. In particular, this opinion addresses the new "Article 194" requirement for banks to obtain legal opinions on enforceability of credit protection arrangements.
Geoff Wynne and Hannah Fearn, together with Sean Edwards of the International Trade and Forfaiting Association (ITFA), explained the background to the opinion, its content and what the opinion aims to achieve.