ITFA/BAFT Sullivan English law opinions on UK CRR and New York law opinion

To get 2023 off to a good start, we are delighted to send our members a belated Christmas present in the shape of the CRR opinions on the English and New York law master participation agreements (for the 2008 and 2019 English law versions and the New York 2019 version all as updated for LIBOR transition). Please note that there are two opinions for the New York law version, one dealing with enforceability of the master participation agreement and the other covering CRR-specific aspects. We have also obtained an opinion on the ITFA surety master participation agreement as used by surety providers. The opinions can be found here.

Members may legally rely on these opinions as part of their analysis of the effectiveness of these agreements as credit risk mitigants under CRR. Please note that a number of factual matters must be satisfied under CRR to obtain full effectiveness and these will depend on each user’s own circumstances.