The ICC Banking Commission is working toward final approval of a revision to UCP 500, ICC's universally used rules on documentary credits. Three years in preparation, the revision, which may be completed as early as October, will contain major changes to rules which govern billions of dollars in letter of credit transactions each year.
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ICC’s new online training services for documentary credits and UCP 600, developed with technology partner Coastline Solutions, are becoming increasingly popular within the international trade community for keeping up with the latest changes in letter of credit and trade finance practice.
An updated version of ICC’s popular banking publication, International Standard Banking Practice (ISBP) for the Examination of Documents Under Documentary Credits, is now available.
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.
ICC is pleased to announce the publication of the 2007 Revision of Uniform Customs and Practice for Documentary Credits, UCP 600, (ICC Publication No. 600).
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.
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.
DCInsight , ICC’s authoritative quarterly newsletter on documentary credits, today marked its 12th anniversary with a 24-page issue devoted largely to the revision of UCP 500, ICC’s universally used rules on letters of credit.
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.
Traders are warned to be aware of fraudulent business offers on the Internet quoting non-existent instruments of ICC. The false references most frequently concern trading in currencies, commodities, gold and financial instruments.