BAFT Master Participation Agreement (MPA)
2022 BAFT Master Participation Agreements and Updated Legal Opinions
The BAFT English Law and New York Law Master Participation Agreements (MPAs) have driven market standardization in trade transactions since they were first introduced in 2008. In 2018 and 2019, the English and New York Law versions of the MPA were updated respectively to meet the “modern-day requirements” of the industry, and have again been updated in 2022.
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.