ITFA is pleased to advise its members that the legal opinion from Sullivan for the purposes of Article 194 of CRR on the ITFA Master Participation Agreement for Unfunded Participations (2019), has been issued and is available on the ITFA website. It confirms that the agreement may be used as an unfunded risk mitigant.

The Unfunded ITFA Master Risk Participation Agreement (also the ITFA Surety MRPA) is designed to be a market standard document. It is aimed at market players who intend to do unfunded risk participations only, such as insurance companies. It also specifically provides for participation in facilities such as guarantee facilities or receivables purchase or finance facilities, under which the participant takes an automatic share in all single instruments issued under such a facility during a specific time period.

The ITFA Master Participation Agreement for Unfunded Participations (2019) as well as the Legal Opinion are available for download in the members section of the ITFA website: please click here.