Sullivan & Worcester 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

S&W Press Release
October 9, 2017

London, UK; October 9, 2017 - International law firm Sullivan & Worcester, 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 & Worcester’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 & Worcester

Sullivan & Worcester is a leading law firm advising clients ranging from Fortune 500 companies to emerging businesses. With 175 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 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, 2015 and Chambers UK, 2016.

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


Will Hulbert
+44 (0)1603 431 936