Talking Trade 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.

The new NY MPA closely follows the updated English law document (published in September 2018) and is supported by a guidance note and a comparison with the pre-existing form. All the relevant documents can be found in the members’ section of the BAFT website.

The original NY MPA was drafted almost a decade ago and this is the first time it has been updated. It serves as the industry standard for secondary market transactions to facilitate the buying and selling of trade finance-related assets globally. The update assists with the standardisation of documentation for trade finance transactions to help ensure that bank clients, government bodies and investors better understand and utilise trade finance assets.

Sullivan in London and New York advised BAFT and ITFA in relation to the updated NY MPA.

For further information please contact Sullivan Partners Geoffrey Wynne in London, Jon ‘Jay’ Jenkins in New York or Managing Associate Hannah Fearn in London.

Topics: Master Participation Agreement, BAFT, ITFA

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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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