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).
Topics: PRA Policy Statement, Credit Risk management, Capital Requirements Regulation, supervisory statement
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.
Topics: Brexit, Trade Finance, BAFT, international trade
by Hannah Fearn, Sullivan Managing Associate and Fiona Luong, Sullivan Trainee
BAFT (the Bankers Association for Finance & Trade), together with ITFA (the International Trade and Forfaiting Association), established a working group to review and identify amendments to the original 2008 English law Master Participation Agreement (2008 MPA), to bring it in line with current market practice.
Topics: Trade Finance, Master Participation Agreement, BAFT, English Law
Geoffrey Wynne is head of Sullivan’s Trade & Export Finance Group and the firm's London office.
He has extensive experience in banking and finance, specifically in corporate and international finance, trade, structured trade and commodity finance, electronic banking and digitizing trade finance, structured finance, asset and project finance, syndicated lending, equipment leasing, workouts and financing restructuring and general commercial matters.
Recognised as one of the leading trade finance lawyers globally, Geoff advises many of the major trade finance banks and financial institutions around the world on trade and commodity transactions in virtually every emerging market including in the CIS, Asia, India, Africa and Latin America. He has worked on many structured trade transactions covering such diverse commodities as oil, nickel, steel, tobacco, cocoa and coffee.
