Talking Trade Finance

Sullivan Wins Third Trade Finance Award in 2019

Posted by Simon Cook on Jun 28, 2019 11:44:49 AM

I am very pleased to announce that Sullivan's trade and export finance team has won its third significant trade finance award in 2019.

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Topics: Trade & Export Finance

ITFA publishes revised guidelines on CRR-compliant insurance policies

Posted by Geoff Wynne on Jun 12, 2019 10:34:30 AM

This week ITFA published its revised guidelines on CRR-compliant insurance policies. The guidelines were first published in 2016 to assist banks with navigating the complex rules for credit risk mitigation that apply to non-payment insurance policies.

Sullivan's London insurance team is very pleased to have worked with ITFA to update the guidelines to reflect recent regulatory developments, including the Prudential Regulation Authority's policy statement on the use of certain types of credit risk mitigation (published in March of this year).

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Topics: ITFA, CRR, Credit risk mitigation

New ITFA Guide to IFRS 9 for the Trade Receivables and Supply Chain Finance Industry

Posted by Simon Cook on Jun 3, 2019 3:44:43 PM

ITFA has published "A guide to accounting and legal issues under IFRS 9 for the trade receivables and supply chain finance industry."

These are ITFA's first set of guidelines on the standards aimed solely at the trade and supply chain finance industry, since the International Accounting Standards Board (IASB) issued IFRS 9, which came into force on January 1, 2018.

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Topics: ITFA, IFRS 9, Supply chain finance

Updated New York Law Master Participation Agreement & Guidelines Published

Posted by Simon Cook on May 29, 2019 5:00:57 PM

International financial services association BAFT (the Bankers Association for Finance & Trade), together with ITFA (the International Trade and Forfaiting Association) have published an updated New York law Master Participation Agreement (NY MPA) and associated guidelines. BAFT, together with ITFA, put together a working group of experts to review the existing form and identify changes based on current market practice.

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Topics: Master Participation Agreement, BAFT, ITFA

Sullivan Wins GTR ‘Best Trade Finance Law Firm’ 2019 Award

Posted by Amanda Montano on May 3, 2019 3:03:32 PM

by Amanda Montano and Alexander Swayne

Sullivan is pleased to have been named "Best Trade Finance Law Firm" 2019 by leading trade finance publication Global Trade Review (GTR) at its annual Leaders in Trade awards, held on 2 May 2019 in London.

The Leaders in Trade awards highlight excellence in the trade, commodity, supply chain and export finance and fintech markets.

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Topics: Sullivan, GTR, Trade & Export Finance, Global Trade Review, Leaders in Trade

Sullivan & Worcester Moves Forward As 'Sullivan' and Rebrands With a New Logo and Shorter Name

Posted by Simon Cook on Apr 29, 2019 4:54:14 PM

International law firm Sullivan & Worcester LLP has today unveiled a dynamic new brand and logo.

The firm will now be known as "Sullivan" and, in conjunction with the name change, has revealed a bold, striking logo intended to graphically symbolise the forward-thinking and creative approach that the firm brings to client matters.

"Sullivan has always been a firm of innovative and strategic thinkers with a keen focus on getting positive outcomes for our clients. Our new brand and logo capture our firm’s energy," said Joel Carpenter, managing partner of Sullivan.

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The Prudential Regulation Authority publishes Policy Statement updating its Supervisory Statement on Credit Risk Mitigation

Posted by Hannah Fearn on Mar 13, 2019 1:22:34 PM

By Hannah Fearn, Geoffrey Wynne and Marian Boyle

Today the Prudential Regulation Authority (PRA) has published a Policy Statement (PS 8/19) and updated Supervisory Statement (17/13 “Credit Risk Mitigation”, which will come into force on 13 September 2019) in relation to the use of different types of guarantees as unfunded credit risk mitigation (CRM) for the purposes of calculating capital requirements under the Capital Requirements Regulation (575/2013) (CRR).

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Topics: PRA Policy Statement, Credit Risk management, Capital Requirements Regulation, supervisory statement

The UK passes new Order making it a criminal offence to breach the EU Blocking Statute

Posted by Sam Fowler-Holmes on Feb 8, 2019 11:21:08 AM

By Sam Fowler-Holmes and Fiona Luong

UK companies who are trading or are considering trading with Iran may now face potential criminal penalties for breaching the EU Blocking Statute, underscoring the need to carry out due diligence in order to best manage their risk profile. This includes:

  • assessing whether any authorisations are required from either the US or EU in relation to current and future business activities (e.g. by obtaining the EU Commission’s authorisation to comply with specified US extraterritorial sanctions); and
  • weighing up the risks associated with breaching US extraterritorial sanctions against those of breaching the EU Blocking Statute and updating internal policies, protocols, and business plans (where appropriate).

This may cause problems for parties who will be caught between US sanctions and UK/EU requirements.

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Topics: international trade, EU Blocking Statute, Amendment Order

Sullivan Monthly Breakfast Seminar, January 2019 — Trade, Export and Project Finance Compliance Refresher

Posted by Amanda Montano on Feb 6, 2019 9:31:02 AM

by Amanda Montano and Judith Abanto

Kicking off the monthly Breakfast Seminar series for 2019, Sullivan’s London partner Mark Norris gave a presentation on the key compliance risks faced by trade and project finance practitioners.

Putting the need for compliance in context, he reported that the World Bank and the OECD estimate that bribery, tax evasion and corruption are responsible for revenue losses in the billions, particularly in poorer economies.

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Topics: Trade Finance, R v Skansen Interiors Ltd, Bribery Act 2010, Criminal Finances Act 2017

2019 BAFT Europe Bank to Bank Forum

Posted by Hannah Fearn on Feb 5, 2019 10:32:44 AM

By Hannah Fearn

I recently had the pleasure of attending the 2019 BAFT Europe Bank to Bank Forum in London. The well-attended event included many highly informative panel talks covering a range of topics, but with a particular focus on the future of trade finance.

Highlights included a discussion on the challenges facing the digitisation of trade (including legal and regulatory hurdles) and insights into how banks manage liquidity in the era of instant payments. BAFT took advantage of technology to make the sessions as interactive as possible, with delegates able to use their phones to participate in live polls and Q&As.

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Topics: Brexit, Trade Finance, BAFT, international trade

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About the Blog


Talking Trade Finance is here to provide you with all of the latest updates in the Trade & Export Finance Industry.

The material on this site is for general information only and is not legal advice. No liability is accepted for any loss or damage which may result from reliance on it. Always consult a qualified lawyer about a specific legal problem.

Meet the Editor


cook

Simon Cook is a partner in the Trade & Export Finance Group in Sullivan’s London office. He has experience in a wide variety of banking and finance transactions, including structured trade and commodity finance, project finance, warehouse finance, supply chain finance, ECA finance and borrowing-base facilities. He advises on transactions across emerging markets for both lenders and borrowers notably in the oil, telecoms, soft commodities and metals sectors in Africa and the Middle East, where he was based for four years. Simon also acts for industry bodies and is a member of ITFA’s Africa Regional Committee.

 

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