Banking

Volcanic eruption delaying delivery of documents under ICC rules

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The unprecedented situation resulting from the volcanic eruption has led to delays in the presentation of documents by beneficiaries and banks to nominated banks, issuing banks, guarantors and instructing parties, due to the inability of courier companies to deliver packages in accordance with their published schedules.

ICC postpones banking meeting in Beijing

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The International Chamber of Commerce regretfully announces the postponement of its Banking Commission Spring meeting and its related events due to take place in Beijing on 21-23 April.

ICC expanding educational activities on trade rules

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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.

UN endorses ICC Documentary Credit Rules

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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.

ICC to revise its Uniform Rules for Demand Guarantees

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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.

Banking Commission approves document on international standard banking practice

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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.