Sullivan & Worcester Advises Arqit on Documentary Framework to Support the Issue of Electronic Promissory Notes under the Electronic Trade Documents Act 2023

Sullivan & Worcester

London, UK - Sullivan & Worcester (Sullivan) is advising Arqit Limited (Arqit), a leader in quantum-safe encryption, in relation to its documentary framework to support the creation, issue and storage of electronic promissory notes, leveraging the capabilities enabled by this year’s implementation of the Electronic Trade Documents Act 2023 (the ETDA).

The legal framework developed collaboratively between Sullivan and Arqit is designed to ensure a secure end-to-end process by which Arqit’s issue of electronic promissory notes is fully compliant with the ETDA.

Simon Cook, trade and export finance partner at Sullivan advising Arqit, commented: “The structure for this framework is groundbreaking and gives the parties a level of certainty that their electronic promissory notes comply with the new legislation. It is a fascinating area to be working in and illustrates again Sullivan’s continuing involvement at the forefront of the digitalisation of the trade finance industry.”

Dominic Broom, SVP Working Capital Solutions at Arqit, commented: “We have been delighted to collaborate with Sullivan on the creation of the documentary framework. The cost and time benefits of digital treasury enabled by the EDTA are only truly accessible if they come with total transactional security and auditability. Arqit’s TradeSecure™ digital negotiable instruments platform is protected by Arqit’s Symmetric Key Agreement Platform, which hardens complex networks from growing threats to certification and spoofing and is compliant with NSA CSFC Standards for symmetric key management.”

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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