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.
Argentine lawyer Jorge Riva highlights how ICC rules are already providing an adequate environment for accommodating electronic means and how intense work continues for expanded use of electronic credits.
The evolution from traditional paper Bills of Lading to electronic formats, detailed in ICC Opinion TA.929, reflects a seismic shift; as eB/Ls gain traction through digital platforms like Bolero and pioneering blockchain technology, legal recognition and harmonization lag.
David Meynell updates the ICC on the UK Electronic Trade Documents Act (ETD Act), highlighting its synergy with the UN Model Law, ICC rules, and practice guidelines. The paper explores key clauses, emphasizing harmonization and functional equivalence between the ETD Act and international frameworks.
UK Electronic Trade Documents Act 2023 marks a sea change in trade finance industry. At its core, the Act does something incredibly simple: it provides legal status to electronic trade documents, making them equivalent to their paper counterparts
