November 2024 ICC Banking Commission Meeting: Executive Summary

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. An opening session on 20 November afforded ICC National Committees the chance to update on their local initiatives which was followed by a Technical Advisors’ review session, including treatment of the latest ICC Opinions. On 21 November, a session on the 2024 ICC Trade Register preceded the Banking Commission’s Plenary Session.

ICC National Committee Initiatives

Representatives of ICC National Committees were invited to address the virtual audience regarding activities within their country.   

Chris Southworth, Secretary General of ICC United Kingdom, reported on his National Committee’s decision to prioritize four key areas geared toward smarter regulatory frameworks, fraud and financial crime prevention, trade finance digitalization, and streamlining KYC. As regards regulatory matters, instead of approaching the UK government from a financial services perspective, ICC-UK packaged its argument as a trade concern for UK businesses. As a result, its recommendations were favourably considered by the UK’s Prudential Regulatory Authority (PRA), including a 20% credit conversion factor (CCF) for performance guarantees.