The swingarm is lightly lacquered as are the front forks and all the alu bits. Its a very light lick of paint though and will damage easy. A good idea is to buy a can of wheel touch up paint and use it to respray the aluminum bits. I found that the metalic silver wheel paint by SIMONIZ matches the first generation's SV frame perfectly. It also adheres very well to aluminum without the need of any primer or the need to seal with laquer. In fact I managed to touch up a scratch on my frame using it and the frame looks new. Magic. Hope you can find the product in the UK.
Here's a link to show the product range:
http://www.holtsauto.com/products/index.html