At its quarterly meeting on 21 July 2026, the ICC Banking Commission reviewed and finalized six Opinions, including four dealing
Beyond discussion and finalization of six ICC Opinions at its quarterly Technical Advisory Session on 21 July 2026, the ICC
The matter of force majeure was addressed in the first version of UCP[[1]] in 1933 and largely resembles the
Beyond discussion and finalization of six ICC Opinions at its quarterly Technical Advisory Session on 21 July 2026, the ICC Banking Commission delivered updates on various existing pursuits and brought into focus other new Banking Commission initiatives now underway.
Prior to starting its agenda, the ICC Banking Commission first recognized the life and legacy of Sir Royston Miles Goode who passed away 24 June 2026 at the age of 93. Goode, who was Emeritus Professor of Law at the University of Oxford, was instrumental in the world of demand guarantees, having played an integral role in the drafting of URDG 758 and co-authoring “The Guide to ICC Uniform Rules for Demand Guarantees”. ICC Banking Commission Senior Technical Advisor Dave Meynell said Goode was one of the best minds in commercial law whose help was invaluable to the ICC UK Trade Finance Committee. Longtime collaborator Georges Affaki, who knew Goode since 1990, offered an eloquent reflection and remarked that Goode in his advanced years read every word when ISDGP was being drafted.
ICC’s series of Technical Advisory Briefings (TABs) which began in 2022 is freely-available to practitioners and will continue to be a core part of the Banking Commission’s UCP educational push going forward. Two recently finalized TABs – one on Force Majeure; another on Third Party Documents – are being formalized for release. [Now added and available among the TAB collection.] In view of the ICC Opinion TA964 outcome which signalled an urgent need clarity on the subject of transferable credits, this topic moves to the front of the TAB queue and will be the next taken up by the TA team in the coming months.
With no mandate to pursue UCP600 revision nor update of ISBP 821 based on ICC National Committee voting earlier this year, the Banking Commission has transitioned to address the need for guidance. Three working groups designed to focus on discrete facets of UCP have been formed (another re-engineered) and ambitious timetables have been set for meeting benchmarks and deliverables over the next 4 to 18 months.
At its quarterly meeting on 21 July 2026, the ICC Banking Commission reviewed and finalized six Opinions, including four dealing
The matter of force majeure was addressed in the first version of UCP[[1]] in 1933 and largely resembles the
Although not defined in UCP600, the expression “third party documents” in LC practice is commonly taken to mean documents issued
Banks are increasingly turning to risk-sharing structures to manage regulatory capital, control funding costs, and expand capacity.
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