How UCC Article 5 governs letters of credit in the US, its non-variable provisions, and the legal nuances that affect issuers and beneficiaries.
English Court of Appeal (Civil Division) reversed trial judgments in favour of standby beneficiaries.
Canada's Court of Appeal of Alberta affirmed trial judgment, dismissing LC Applicant's appeal and terminating short term interim injunction.
According to published reports, the EU appears to be on a path for abandoning a planned tenet of Basel reforms which would raise the credit conversion factor (CCF) from 20% to 50% for off-balance sheet products such as performance bonds, guarantees, and standby letters of credit.
In a 24 January 2023 press release, the European Parliament announced its Economic and Monetary Affairs Committee voted to finalize the Capital Requirements Regulation (CRR) and Directive (CRD) for implementation of Basel III reforms in Europe, while avoiding a significant increase in overall capital requirements for the EU banking system by maintaining the CCF at 20% for off-balance sheet trade finance instruments.
Five draft opinions – some garnering much more attention than others – were finalized in an ICC Banking Commission quarterly discussion session
Following the discussion of ICC Opinions on 2 July 2024, updates on other ICC Banking Commission projects were given. ICC
Upon request of its customer, Lummus Technology Heat Transfer B.V., Credit Agricole Corporate & Investment Bank issued a letter
In an attempt to clarify aspects of UCP600 Article 10, the ICC Banking Commission has issued its 10th Technical Advisory
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