Banking

Banking commission approves revised rules on documentary credits

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By a unanimous vote of 91 to 0, the ICC Banking Commission today approved UCP 600, ICC's revised rules on documentary credits. This is the first revision of the rules since UCP 500, the previous version, was approved in 1993. The new rules are the result of more than three years of intensive work by the banking commission.

Revised ICC rules on documentary credits make progress

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ICC’s Banking Commission yesterday wrapped up two days of intense discussions on proposed revisions to ICC’s universally used rules on documentary credits. This was the first time a full draft of the revised rules had been presented to the Commission.

Interpreting the rules on documentary credits

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ICC has just published a collection of opinions on its rules governing letters of credit and other essential instruments used in international trade finance. The opinions provide essential guidance on the rules' interpretation.

Online documentary credits site wins user approval

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In the five months since ICC began offering its documentary credit information online, users from more than 25 countries have subscribed to the service. Another 1500 are taking advantage of the one-week free trial.