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?
The maturation of UCP has included attempts to address incorrect practice regarding expiry date and presentation period of a credit. Is it time for UCP600 Article 6(d)(i) to be revisited?
The trade finance industry is undergoing significant transformation since 2020, strongly driven by application of artificial intelligence, overall technological advancements, regulatory tightening, and geopolitical shifts around the world, accompanied by fierce changes in the area of trade-based financial crime compliance.
With regard to the manner in which documentary credit business is conducted, consider that ISBP 821 was just published in 2023 and its revision is already well underway. The pertinent question I believe needs asked: Are all the articles of UCP600 still suitable for practice and as relevant as they were in 2007 at the time of UCP600 publication?
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.
In a recent discussion, bankers were asked how they calculate confirmation fees as a standard practice: 1) from the advising
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