Written by Amanda Montano and Szonja Kolbenheyer
Things have been moving quickly now on LIBOR and IBOR reforms, but with regulators in the UK, US and EU going at different speeds. Needless to say, it was a welcome development this week to see combined announcements on 30 November 2020 from the Federal Reserve Board, the Alternative Reference Rates Committee (ARRC), the LIBOR administrator ICE Benchmark Administration, the Financial Conduct Authority (FCA) and the International Swaps and Derivatives Association (ISDA). International cooperation really is needed as so many trade and export finance deals are inherently cross-border and often involve multiple currencies. The fact that USD LIBOR will be available for legacy loans until 30 June 2023 will help sectors like ou rs, which have been recognisedAmanda Montano
Recent Posts
Transitioning out of LIBOR: What is the impact for trade and export finance?
Topics: LIBOR, Geoffrey Wynne
Sullivan Wins GTR ‘Best Trade Finance Law Firm’ 2019 Award
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.
Topics: GTR, Trade & Export Finance, Global Trade Review, Leaders in Trade
Sullivan Monthly Breakfast Seminar, January 2019 — Trade, Export and Project Finance Compliance Refresher
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.
Topics: Trade Finance, R v Skansen Interiors Ltd, Bribery Act 2010, Criminal Finances Act 2017
Sullivan Monthly Breakfast Seminar - the low down on BAFT MPA
By Amanda Montano, Sullivan Associate and Fiona Luong, Sullivan Trainee
Having been instructed by BAFT to prepare the revised Master Participation Agreement, Sullivan’s London Trade Finance team gave a presentation on ‘All you need to know about the BAFT MPA’ at the firm’s September Seminar.
Attended by an audience of more than 100 financial institutions and participants in the trade finance market, Geoff Wynne and Hannah Fearn talked about the key changes and implications of the new MPA.
Topics: Trade Finance, Master Participation Agreement, BAFT, English Law