This month’s edition emphasizes how seemingly small drafting choices and operational decisions can lead to substantial legal and compliance
At its first quarterly discussion session of 2026 on 27 January, the ICC Banking Commission finalized ICC Opinion TA958rev. It
Following its January 2026 quarterly discussion session, the ICC released on 11 February 2026 results and points of analysis from
In this Lowdown from the Editor, Professor James E. Byrne opines on the misplaced status some afford to UCP as the LC community awaits UCP revision.
Due in part to the international and virtually universal use of the UCP for commercial letters of credit and to the illusion perpetuated by the ICC that its texts displace the need for “law”, many bankers regard statutes dealing with letters of credit as incompatible with the UCP. While there are many instances of this notion, one of the most colorful is that ICC rules are assigned an “effective date”, which is assumed to be the date after which they may be used. The current revision of the UCP, to be referred to as UCP600 will likely have an “effective date” of 1 July 2007. Being simply rules of practice and not laws, however, an undertaking may be issued subject to them at any point, even in draft form.
Like certain other terms used in the LC and guarantee field, “assignable” can mean different things to different parties. Glenn Ransier reviews what the practice rules say and the importance of clarity.
The views expressed by the authors in this publication do not represent their employers, any entity, government, or agency. Any
Drawing on the China case, Luoyang Aviation, Saibo Jin examines the relationship between the transferred credit and the original credit.
Banks that handle collections must not neglect the product and have proper controls in place to deal with the risks.
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