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.
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.
The Bank of England reversed its plan to raise trade finance capital requirements from 20% to 50%, aligning with the EU approach but raising insurance-related requirements.
Beneficiary presented late shipment documents under an LC. The issuing bank deducted penalties without a refusal notice, raising debate on clause 47A-7, UCP 600, and consent.
When issuing banks insert complex reimbursement terms and self-serving conditions into their credits, it distorts the purpose of the product, causes problems for confirming banks, and drives exporters away from using LCs.
