Banking
Technique and Practice
Banks throughout the world benefit from ICC rules for international banking and trade finance, in particular regarding the use of documentary credits, demand guarantees and other trading instruments. ICC rules for letter of credit practice – UCP 500 – have been cited as the most successful in the history of the harmonisation of international trade practice.
The ICC Commission on Banking Technique and Practice acts to prepare new uniform rules, to update existing uniform rules for documentary credits, collections and bank-to-bank reimbursements and to adapt international banking practices to automatic data processing techniques. It works in conjunction with ICC’s Commercial Law and Practice Commission and with other international bodies on demand guarantees.
Priorities
- To serve as the global forum and rule-making body for the international trade finance community
- Make subsantial progress towards revising UCP 500 based on contributions by the UCP Drafting Group and the UCP Consulting Group
- Expand use of the electronic supplement to UCP 500 (eUCP)
- Target the European Commission and multinational development banks to urge them to make use of the ICC Uniform Rules for Demand Guarantees (URDG) in view of the World Bank’s incorporation of these rules into its unconditional guarantee forms
- Promote the recent publication on International Standard Banking Practice (ISBP), which describes how the UCP should be applied in day-to-day situations
- Explore potential for developing common practices in factoring and forfaiting
Projects for 2006
- Receive the final national committee comments on the UCP revision and aim to complete the revision process
- Expand use of the electronic supplement to UCP 500 (eUCP)
- Expand the worldwide use of the Uniform Rules for Demand Guarantees and continue to develop ideas for the revision of the rules
- Pursue cooperation between the Banking Commission and IFA on guidelines on forfaiting
- Explore a possible commission role in factoring
Commission Officers
- Chair: Dieter Kiefer, Member of the Group Managing Board, Head of Wealth Management, Western Europe, UBS AG (Switzerland)
- Vice-Chairs: Georges Affaki, Head of Energy, Commodities and Project, Legal Affairs, BNP Paribas (France); Dan Taylor, President, International Financial Services Association (USA): Alexander Zelenov, Director, Vnesheconombank (Russia); Yanling Zhang, Managing Director & Executive Vice-President, Bank of China (China)
- Technical Advisor: Gary Collyer, Vice-President & Head of Trade Product Management, ABN AMRO (UK)
- Secretary: Ron Katz, ICC
Task Forces
- Guarantees Chair: Georges Affaki, Head of Energy, Commodities and Project, Legal Affairs, BNP Paribas (France)
- Drafting of UCP 600 Chair: Gary Collyer, Vice-President & Head of Trade Product Management, ABN AMRO (UK)
- Consulting for Revision of UCP 500 Co-Chairs: Carlo di Ninni, Consultant, Italian Bankers Association (Italy); John Turnbull, Deputy Manager, Sumitomo Mistui Banking Corporation Europe (UK)
For more information, please contact:
ICC United Kingdom
12 Grosvenor Place
London SW1X 7HH
Tel: 020 7838 9363
Fax: 020 7235 5447
E-mail: membership@iccorg.co.uk
|
