The ICC Banking Commission returned to Dubai, UAE, for its 2025 Annual Meeting on 17 February. The one-day event was organized by ICC UAE and hosted by Dubai Chambers. In addition to those participating in-person, others attended virtually.
In the fifth instalment of his DCW article series on major contemporary issues surrounding documentary credit practice, ICC Banking Commission Senior Technical Advisor Dave Meynell offers his thoughts on the highly-charged question: Is it time for UCP to be revised?
Following his writing in the past two editions of DCW, Robert Parson examines legal developments on sanctions and sanctions clauses that have arisen in courts recently and implications for LC practice.
In 2022, the ICC Banking Commission began handling and discussing ICC Opinions on a quarterly basis instead of on a bi-annual basis. But more discussion sessions has not meant more ICC Opinions. Indicative of the sharp decline in ICC Opinions issued over the past several years, just one ICC Opinion was addressed at the most recent ICC Banking Commission meeting in February 2025 (full summary of meeting here in DCW).
Why so few ICC Opinions? For starters, the more appropriate question likely is why are so few Queries requesting an Official Opinion being submitted to the ICC Banking Commission? One must admit diminishing use of commercial credits is having an effect. Let's hope another reason for the dearth of Opinions is because LC practitioners are getting better, heeding ICC guidance (Technical Advisory Briefings and other educational papers), and ISBP is reaching more bankers and commercial credit users who are incorporating its content into their work. Another possibility is that practitioners may be shying away from asking questions as formal Queries out of fear for what the answer may be.
A host of factors and reasons come into play and contribute to the decrease. This topic will be taken up from multiple angles in the April 2025 DCW edition next month.
The ICC Banking Commission returned to Dubai, UAE, for its 2025 Annual Meeting on 17 February. The one-day event was organized by ICC UAE and hosted by Dubai Chambers. In addition to those participating in-person, others attended virtually.
In the fifth instalment of his DCW article series on major contemporary issues surrounding documentary credit practice, ICC Banking Commission Senior Technical Advisor Dave Meynell offers his thoughts on the highly-charged question: Is it time for UCP to be revised?
Following his writing in the past two editions of DCW, Robert Parson examines legal developments on sanctions and sanctions clauses that have arisen in courts recently and implications for LC practice.
Beyond questions on the rule of strict construction of LC terms, the In re Spiegel case should engender a discussion of the requirements of UCP vs. ISP on what certified means with respect to a government or court-issued document.
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