BAFT Master Participation Agreement (MPA)
2022 BAFT Master Participation Agreements and Updated Legal Opinions
The BAFT MPAs were updated in 2022 to accommodate for updates related to the cessation of LIBOR, and these newly issued 2023 Legal Opinions complete the documentation for their utilization.
The 2022 MPAs, or often referenced as a master risk participation agreement (MRPA) as they deal with risk, serve as the industry standard framework for banks and their counterparties when they buy and sell trade finance-related assets globally.
BAFT, in conjunction with Sullivan & Worcester, UK LLP London, and Sullivan & Worcester, LLP New York, has released updated Legal Opinions covering BAFT Master Participation Agreements (MPAs) issued in accordance with English Law (2008 version amended in 2022) & (2018 version amended in 2022) and New York Law (2019 version amended in 2022). The BAFT MPAs were updated to accommodate LIBOR-related updates, and these newly issued Legal Opinions complete the documentation for utilization.
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BAFT Master Participation Agreement (MPA) and Legal Opinion - English Law
With the cessation of LIBOR, BAFT together with ITFA and Sullivan & Worcester have prepared an amendment agreement to the BAFT 2018 English Law Master Participation Agreement (MPA).
This amendment agreement can be used to make changes to the MPA. The approach taken is to replace the references to LIBOR by references to relevant central bank rates for those currencies for which LIBOR is currently quoted.
BAFT Master Participation Agreement (MPA) and Legal Opinion - New York Law
For previous versions of the BAFT Master Participation Agreement, please contact [email protected].
