ICC is expanding its educational activities on trade rules through the launch, by the European Bank for Reconstruction and Development (EBRD), of an online training programme for its member issuing banks in 29 countries operating from Central Europe to Central Asia.
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The ICC Banking Commission Task Force on Anti-Money Laundering today released guidelines on sanction clauses in trade related products, including letters of credit, documentary collections and guarantees.
The newly revised Uniform Rules for Demand Guarantees have been published and are now available for purchase from the ICC bookstore, giving practitioners a chance to familiarize themselves with the extensive changes before they come into effect on 1 July.
ICC’s most recent revision of the Uniform Customs and Practice for Documentary Credits (UCP 600) was officially endorsed by the UN Commission on International Trade Law (UNCITRAL) at its 42nd annual session in Vienna.
The challenges of rebuilding the world’s financial markets in the aftermath of the global recession will be the theme of a seminar hosted by ICC later this month in Monaco.
The ICC Corporate Economists Advisory Group and Commission on Financial Services and Insurance held a joint meeting on 25 November to discuss the current financial crisis and its implications.
The ICC Banking Commission has given the go-ahead to begin a revision of the ICC Uniform Rules on Demand Guarantees (URDG). The rules, approved by ICC in 1991, have as their objective to balance the conflicting interests of applicants, beneficiaries and guarantors. In simplifying the drafting of demand guarantees, they serve as a model for guarantee practice worldwide.
By a unanimous vote of 71-0, the ICC Commission on Banking Technique and Practice approved an updated version of its widely acclaimed publication, International Standard Banking Practice for the Examination of Documents under Documentary Credits (ISBP). The voting took place at the commission’s meeting in Singapore yesterday.
The autumn issue of DCInsight, ICC’s authoritative news magazine on documentary credits, features a series of articles giving practitioners’ first reactions to UCP 600, ICC’s new rules on documentary credits. The rules, which were approved by the ICC Banking Commission in late October, enter into force on 1 July 2007.
On behalf of ICC’s Chairman Marcus Wallenberg, ICC Secretary General Guy Sebban has appointed Regina Prehofer of Bank Austria Creditanstalt as the new Chair of the ICC Banking Commission. Ms Prehofer will be the first woman and the first Austrian to chair an ICC commission.