- Anti Money Laundering
- automatic extension
- bill of lading
- Counter Terrorist Financing
- financial crime
- Financial Guarantee
- Independent Guarantee
- LC Law
- LC Statistics
- Red Flags
- Standby LC
- Trade Based Financial Crime Compliance
- tranport documents
- wrongful dishonor
November Update on eUCP and eURC
At the ICC Banking Commission meeting in London on 8 November, an update was given on the progress of the ICC Banking Commission’s Digitisation Working Group, including an initiative underway to draft an update of the existing eUCP rules and formulation of new rules addressing electronic presentation for collections (eURC). Reference was made to a deadline of 27 Nov for National Committees to comment. DCW originally reported on this story here.
ICC Moves to Stall
Following the remarks, six attendees of the London meeting spoke up concerning the draft rules and comment period. The individuals, each from different ICC National Committees, were unaware of the two sets of draft rules and indicated there would not be enough time for review and comment on the drafts prior to the 27 Nov deadline. In voicing his displeasure, one attendee asked for assurances that the process would be tabled. Another attendee sought explanation from the Working Group if an update to the existing eUCP Supplement is the proper approach. In responding to the collective discontent, an ICC Banking Commission official said the ICC takes note of it and will work to correct the situation.
Further Progress Depends on Executive Committee Decision
Contacted by DCW on 28 Nov, an ICC Banking Commission spokesperson indicated that the process has been tabled until the outcome of a 6 December call. During this call it is expected that the Digitisation Working Group will formally request a mandate from the ICC Executive Committee to draft an eUCP update and eURC. If the mandate is received, the ICC Banking Commission spokesperson said that the comment period will be extended at least to the end of the year.
Stay tuned for updates on the fate of the revised eUCP and eURC projects.
DCW originally reported on this story here.