The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
Regarding possible revision of ICC Rules and/or Practices, the ICC Banking Commission announced on 12 July 2022 that the deadline for feedback from ICC National Committees on the matter was extended to end- September 2022 (the closing date for comment was later specified as 5 September).
As of mid-July, insufficient feedback had been received to determine whether UCP and/or ISBP should be revised. Up to that point, an ICC survey of views on the content and structure of ICC Rules and Practices for documentary credits indicated that a majority of respondents were either “satisfied” or “very satisfied” with UCP600 (58%) and ISBP745 (56%).
The sense is that while UCP600 remains robust, there may be movement toward a revision of ISBP745 but indications from ICC are that much more feedback is needed to make a strong business case for revision.
The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
