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Iran Sues US Over Re-Imposition of Sanctions and EU Reactivates Blocking Regulation

Posted by Geoff Wynne on Oct 9, 2018 10:24:14 AM

By Fiona Luong and Geoff Wynne

On August 6, 2018 President Trump issued an executive order re-imposing certain sanctions that were lifted under the 2016 Joint Comprehensive Plan of Action ('JCPOA'). These include the prohibition of:

  • The purchase or acquisition of US dollar banknotes by the Iranian government;
  • Iran’s trade in gold or precious metals;
  • The sale, supply or transfer (whether direct or indirect) to or from Iran of materials such as graphite, raw or semifinished metals, including aluminium and steel, coal and software, or integrating industrial processes;
  • ‘Significant’ transactions involving the purchase or sale of Iranian rials, or maintenance of ‘significant’ funds or accounts outside Iran denominated in rials;
  • The purchase, subscription to or facilitation of the issuance of Iranian sovereign debt; and
  • Transactions within Iran’s automotive sector.
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Topics: International Law, Economic Sanctions, European Union, International Court of Justice, US-Iran Relations

ARRC publishes draft transitional provisions for USD LIBOR replacement rate

Posted by Robert Franklin on Oct 2, 2018 4:46:47 PM

While we are waiting on the LMA's Working Sub-Group on Transition Issues in Syndicated Loan Markets to produce draft provisions dealing with the transition to SONIA, their US counterpart, the Alternative Reference Rates Committee (ARRC) has already done so for SOFR, the US dollar risk free rate (RFR), in its recent consultation paper "Regarding More Robust LIBOR Fallback Contract Language for New Originations of LIBOR Syndicated Business Loans".

The ARRC's approach is likely to be influential for the LMA in relation to transitional drafting for USD (and potentially for other currencies as well in the interests of consistency). The highlights of the ARRC consultation paper include:

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Topics: ARRC, SOFR, RFR, LIBOR, LIBOR replacement rate, syndicated business loans, SONIA

Trade Finance — 'Documenting to Improve Regulatory Compliance'

Posted by Geoff Wynne on Oct 2, 2018 9:50:57 AM

I recently authored the article "Documenting to Improve Regulatory Compliance," published by Trade Finance.

In the article I look at how, in a world of ever increasing regulation, there might be some areas in trade finance documentation where parties can show they are addressing concerns and taking steps to protect their position against a review by Regulators of what they are doing. The article looks at the position under English law and in light of current and future UK regulations.

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Topics: Trade Finance

S&W Monthly Breakfast Seminar - the low down on BAFT MPA

Posted by Amanda Montano on Sep 28, 2018 11:44:37 AM

By Amanda Montano, S&W Associate and Fiona Luong, S&W Trainee

Having been instructed by BAFT to prepare the revised Master Participation Agreement, Sullivan & Worcester’s London Trade Finance team gave a presentation on ‘All you need to know about the BAFT MPA’ at the firm’s September Seminar.

Attended by an audience of more than 100 financial institutions and participants in the trade finance market, Geoff Wynne and Hannah Fearn talked about the key changes and implications of the new MPA.

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Topics: Trade Finance, BAFT, Master Participation Agreement, English Law

Project Finance Push

Posted by Geoff Wynne on Sep 21, 2018 10:30:15 AM

I am very pleased to tell you that Robert Franklin has joined the firm. Robert is a former colleague and joins us as senior counsel in the finance team in London, where his role is to expand and help lead the project finance practice.

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Topics: Project Finance

Cape Town Calling

Posted by Geoff Wynne on Sep 18, 2018 11:48:45 AM

From Tuesday 4th to Thursday 6th September 2018, ITFA, the International Trade and Forfaiting Association, a worldwide trade association for companies, financial institutions insurers and intermediaries engaged in trade and forfaiting, hosted its 45th Annual International Trade and Forfaiting Conference in Cape Town.

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Topics: Trade Finance, ITFA, BAFT

Major Update to the English Law Master Participation Agreement

Posted by Hannah Fearn on Sep 18, 2018 11:39:50 AM

by Hannah Fearn, S&W Managing Associate and Fiona Luong, S&W 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.

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Topics: Trade Finance, English Law, Master Participation Agreement, BAFT

Welcome to Talking Trade Finance

Posted by Geoff Wynne on Sep 18, 2018 11:06:38 AM

Hello, and welcome to Sullivan & Worcester’s newest blog, Talking Trade Finance.

The blog will feature industry insight and analysis from our market-leading, London- and New York-based Trade & Export Finance Group.

Our multi-disciplinary team will provide in-depth insight and commentary on trade finance related topics, including:

  • Trade and export finance
  • Receivables financing
  • Project finance
  • Asset finance
  • Securitization
  • Securities law
  • Insurance
  • Tax
  • Compliance issues, and
  • Dispute resolution

As with our popular Trade Finance Breakfast Seminars held monthly in London, we hope you'll find our new blog to be an additional useful resource.

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Topics: Trade Finance

About the Blog


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


Geoffrey Wynne is head of the Trade & Export Finance Group and Sullivan & Worcester’s London office. He has extensive experience in banking and finance, specifically corporate and international finance, bank mergers, acquisitions, conversions and restructurings, trade and structured trade and commodity finance, structured finance, asset and project finance, syndicated lending, equipment leasing, workouts and financing restructuring, leveraged and management buy-outs and general commercial matters.

 

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