In a historic moment, the ICC Uniform Rules for Forfaiting—ICC Publication no. 800 (“URF 800”)—were officially endorsed by the United Nations Commission on International Trade Law (UNCITRAL) in its 50th plenary session held in Vienna on 14 July 2017.
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The ICC Banking Commission, ICC UK and the International Forfaiting Association (IFA) today officially launched the ICC Uniform Rules for Forfaiting (also known as URF 800) at SNR Denton Headquarters in London.
ICC’s new Uniform Rules for Forfaiting (URF) came into effect on 1 January after more than three years of intensive drafting. The rules, which were approved at the last ICC Banking Commission meeting in Mexico City, will govern a market estimated at more than US$300 billion a year.