The International Trade and Forfaiting Association (ITFA), through its Market Practice Committee, is very pleased to announce that the legal opinion originally issued in 2015 has now been updated and replaced. The new version is made available exclusively for the benefit of members of both ITFA and BAFT, as was previously the case.
The two associations once again partnered with the law firm Sullivan & Worcester in order to ensure that the industry-level opinion was up to date.
The opinion can satisfy part of the requirements under the relevant EU legislation, that requires institutions to have a recent independent and reasoned legal opinion available upon demand, which validates that an institution’s credit protection arrangements are legally effective and enforceable in all relevant jurisdictions.
Providing this opinion continues to demonstrate our desire to reduce the cost and complexity of our members doing business with each other, in this case specifically under the English law version of the BAFT Master Participation Agreement (MPA).
The legal opinion can be viewed in the member area of the ITFA website and is accessible to ITFA members only.