Note: Program is subject to change
8:30 – 9:00 Registration & Check-In
9:00 – 9:20 Welcome & Introducing YourselvesWelcome Remarks: Michael BYRNE (IIBLP)
9:20 – 9:30 Welcome from our Host:
Welcome Remarks: Rick MARTINEZ (Hogan Lovells)
9:30 – 10:30 Hot Topics
· New capital requirements impacting standbys & demand guarantees
· The Utility of Commercial Standbys
· PRC Judicial Interpretation of Independent Guarantees & Right of Recourse
· Standing Up for Standbys
· ISP Model Form: How are they being used?
10:30 – 11:00 Coffee & Networking Break
11:00 – 12:00 Pivotal Cases Impacting Practice
- BNP Paribas, Singapore Br. v. Natixis, New York Br. (Setoff; assignment of LC proceeds)
- Ping An Bank v. Huishang Bank (ISP98 standby and PRC Independent Guarantee Provisions’ deference to practice rules)
- Windsor Township v. Tompkins (missing original of LC or amendment) (F.F.)
- Project Stewart (impossibility to populate SWIFT MT Field as LC specified)
- Audi Bank (Advance payment guarantee: independent or not) (F.F.)
- Shanghai Shipyard (Accessory vs. Independent Guarantee)
- ARSS – SIPS v. Union of India (injunction of payment of performance guarantee)
Moderator: Carter KLEIN (Jenner & Block)
12:00 – 12:30 SWIFT MT Update & The Future of Trade Messaging
How will SWIFT’s evolving strategy impact guarantees and standbys? Core initiatives shaping these products will be addressed, including trade-based APIs. Report on the trade community’s adaptation to SR 2021 and changes to MT 760s.
12:30 – 1:30 Lunch Break
1:30 – 2:15 Looking Out for the Interests of Applicants and Beneficiaries
What do applicants and beneficiaries want and need from standbys and guarantees? Stepping in the shoes of non-bank parties, panelists will also address safety & soundness considerations.
2:15 – 3:00 Digitalisation of Standbys & Guarantees
· Presentation of Scanned Documents via Email Attachment
· A More Promising Option for Blockchain
3:00 – 3:30 Coffee & Networking Break
3:30 – 4:10 Counteracting Counter Undertaking Confusion
The use of counter standbys and guarantees can be advantageous to parties involved, but can be a great source of frustration and peril for some. Too often, local and counter undertakings are misnamed or misaligned which can distort the nature of the transaction and introduce uncertainties. In this discussion, panelists will confront common problems and offer possible remedies.
4:10 – 4:50 Traps & Challenges in Guarantee & Standby Practice
· Confirmation and Sanctions
· Force Majeure: Are Prevented from Acting or Performing?
· When is a Guarantee “Issued”?
4:50 – 5:00 Summary of Critical Issues, Raffle Draw, and Closing Remarks