Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
On 1 November 2021, Scott Stevenson officially joined BAFT as Senior Vice President of Trade, taking over for Stacey Facter who retired following more than eight years in the SVP position at BAFT.
Stevenson comes to BAFT from AF Capital Partners where he was a senior advisor providing expertise on structured and project finance for developing banks in emerging markets. Prior to this role, Stevenson spent nearly 15 years at the International Finance Corporation (IFC) where he was senior global manager for trade and supply chain solutions. He has also served in positions at the World Bank and spent 18 years with Standard Chartered Bank in Asia.
Introduced to BAFT West Coast LC Committee members at their January 2022 meeting, Stevenson identified some of his areas of focus with the organization going forward. Stevenson explained that his role at BAFT builds upon his past professional experience, adding “what’s new is interfacing with various BAFT committees involved in a number of initiatives, including the LIBOR transition, Basel (reforms), and FASB (Financial Accounting Standards Board) regarding accounting procedures.”
Of particular importance, Stevenson cited the need for outreach to regulators who are not always fully aware of unintended consequences arising from the policies and requirements they formulate.
Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
On 15 Feb 2023, DCSA members pledged to issue 50% of bills of lading (B/Ls) electronically by 2028 and 100% by 2030, aiming to cut costs and boost global trade.
