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.
On 1 April 2023, Circular No. 11/2022/TT-NHNN issued in 2022 by the State Bank of Vietnam (SBV) regarding bank guarantee operations came into effect. Among its provisions, the Circular’s Article 9 permits credit institutions, foreign bank branches, and customers to conduct bank guarantee transactions using electronic means.
When issuing e-guarantees, institutions and banks must conform to AML legal regulations and SBV guidelines on management of risks associated with e-banking operations and other relevant legislative documents. Each institution or bank may decide on methods, forms and technologies to be used throughout the entire e-guarantee process, subject to meeting specified requirements.
The Circular is comprised 37 articles contained within four chapters (General Provisions; Specific Provisions; Reporting and Implementation Organization; and Implementation).
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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