DCW Updates
DCW Monthly: July 2025
This month, we explore how digitalisation is reshaping commercial law across key jurisdictions. Marek Dubovec compares UCC Article 12 and
DCW Articles
Responding to “A Critical Review of ICC Opinion TA.948”
Writing in a personal capacity as a professional deeply familiar with the ICC Opinion process and the trade finance business, Dave Meynell offers response to three remarks made by Rupnarayan Bose in a June 2025 DCW article on ICC Opinion TA.948.
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Editor’s Note
The article below addresses issues raised by Rupnarayan Bose in his June 2025 article, “A Critical Review of ICC Opinion TA.948.” In that piece, Mr. Bose questioned the ICC’s interpretation of endorsement requirements under UCP 600 and the legal status of international standard banking practice. This response offers a clarification of the ICC’s position and the rationale underpinning its Opinion.
The article below addresses issues raised by Rupnarayan Bose in his June 2025 article, “A Critical Review of ICC Opinion TA.948.” In that piece, Mr. Bose questioned the ICC’s interpretation of endorsement requirements under UCP 600 and the legal status of international standard banking practice. This response offers a clarification of the ICC’s position and the rationale underpinning its Opinion.
TA948 - clarification on the endorsement of drafts under documentary credits subject to UCP 600
“Neither the issuing bank nor the Banking Commission appear to have clear understanding why or when a draft needs to be endorsed.” – Rupnarayan Bose
Feedback received from ICC National Committees overwhelmingly supports the view that, in the circumstances presented in ICC Opinion TA948 (2024), the endorsement of a draft by the beneficiary does not represent international standard banking practice under documentary credits. This position is broadly endorsed across regions, including strong consensus among National Committees in Asia.
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