The ICC Banking Commission’s quarterly meeting, held via Zoom on 5 August 2025, covered three draft opinions, updates on Technical Advisory Briefings, and the status of the ISBP Revision and ISBP Education Project.
From courtrooms in Illinois to conference halls in Singapore, this issue unpacks the rulings, risks, and rule debates in today’
Given the success of practice rules and banks’ ability to more readily find resources for the proper interpretation of the rule sets, does it not make sense to avoid inclusion of a governing law or jurisdiction clause?
Despite advancements, eUCP has limited use, especially in China. The article discusses the challenges of electronic presentation and underscores the importance of recognizing electronic records on par with paper documents in LC transactions.
The Query addressed in ICC Opinion TA.900 (April 2020) involved electronic presentation (e-presentation). With technological development and advancement of electronically-produced documents including SWIFT messages, there are more frequent calls for e- presentation. Trade transactions can be done in paperless fashion on digital platforms by using digitized documents including eB/L. SWIFT is also exploring ways to connect platforms for advancing paperless trade. To advance the digitalization transition of the trade finance industry, ICC has endeavored to drive practice use of eRules that are focused on e-presentation of documents however “the eUCP has largely remained of theoretical value”.[[1]] Chinese banks have greatly advanced digitalization of LC transactions by using digital platforms, such as Bolero and essDOCs, but e-presentation under LCs needs to be developed and the eUCP has not received significant usage in China. As such, greater use of the eUCP should be motivated to enable and facilitate e-presentation. Due to the issues related to the electronic mode of presentation being complex, they deserve careful discussion.
Given the success of practice rules and banks’ ability to more readily find resources for the proper interpretation of the rule sets, does it not make sense to avoid inclusion of a governing law or jurisdiction clause?
The recent case of Illinois DNR v. Regions Bank illustrates the importance of clear wording of automatic extension clauses and issuing banks including a final expiration date in their standbys.
CPBLs, governed by UCP600 Article 22 and addressed in several ISBP821 paragraphs, are required under credits for certain types of shipments. It is important to appreciate the operational aspects, risks, and risk mitigation techniques of CPBLs.
For the 18th consecutive year, IIBLP conducted its Guarantee & Standby Forum for the Singapore trade finance market. Held on 19 May 2025 and hosted by S&P Global, the program was organized as a hybrid event. This Executive Summary provides an overview of topics discussed and debated.
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