2024 Hong Kong Annual LC Survey | May 6 | In-Person + Hybrid | 7 CPDs

Event schedule subject to change

8:30 – 9:00      Registration & Check-In

9:00 – 9:10      Welcome from Our Host:

Welcome Remarks: Michael YAU (Eversheds Sutherland)

9:10 – 9:30      Welcome & Introducing Yourselves

Welcome Remarks: Michael BYRNE (IIBLP)

9:30 – 10:15  2024 News & Trends in Global Trade & Treasury

• Trade Finance decline: de-risking is de-stroying TF
• ISP98 at 25 Years -- Taking stock for the next 25 years
• Letters of Indemnity: implications of LOIs use for LC practice
• Who reviews ESG performance? Regulators, Third-Parties, or Peer FIs?
• Commodity Financing & Code of Best Practices
• Bill of Lading Endorsement: What do laws, regulations, and practice rules say?
• Handling non-UCP transport documents used in oil trades
• Supply Chain Finance: Winners and Losers
• ISBP Heating Up
• UCP Revision: Do we need UCP700? 

Moderator: SOH Chee Seng (ABS & IIBLP)

Panelists: Michael YAU (Eversheds); Vin O'BRIEN (ICC UAE); Michael BYRNE (IIBLP)

10:15 – 10:25  Coffee & Networking Break

10:25 – 10:55  Sanctions & Evasions: Complying with Sanctions Regimes

• US Executive Order 14114 and others highlighting FFIs and Secondary Sanctions
• How can FFIs stay compliant while maintaining operations
• The Latest in Russia Sanctions
• Sanctions Clauses: To use or not to use? The good, the bad, and the ugly.
• Export Control Regimes: What's Here and What to Watch for 

Moderator: Sally PENG (FTI Consulting)

Panelists: Sasha KALB (Barclays); Doug WOLFSON (Lexis Nexis Risk)

10:55 – 11:05  Networking Break

11:05 – 11:50  What are the Courts Saying? 

• North Asia Ltd. v. Jingdong e-Commerce (Trade) Hong Kong Corp.
  -- The “agreement exception” and the independence principle
• Kuvera Resources Pte Ltd. v. JPMorgan Chase Bank, N.A.
  -- Singapore Appellate Court reverses. What's a confirming bank to do?
• Celestial Aviation Services ltd v. UniCredit Bank AG, London Br
  -- Confirming Bank’s Undertaking  
• Crédit Agricole v. PPT Energy Trading Co.
  -- Singapore Appellate Court reverses. Banks happy, but for how long?
• The Jeil Crystal -- Switched B/Ls and Issuing Bank's Operations
• Chian Teck Realty Pte Ltd. v. SDK Consortium
  -- An alert to bankers on sending ‘notice' of non-extension
• Macquarie Bank Ltd. v. Banque Cantonale Vaudoise [England]
  -- Alleged fraud and failure to give notice of refusal under UCP600 standby
• PT Asuransi Tugu Pratama Indonesia Tbk v. Citibank [Hong Kong]
  -- Duty of Care

Moderator: Alan DAVIDSON (U. Queensland)

Panelists: SOH Chee Seng (ABS & IIBLP); Michael YAU (Eversheds); Li HUANG (Hylands)

11:50 – 12:00  Networking Break 

12:00 – 12:30  Trade Fraud & Money Laundering 

• Dual-use goods
• Price checking of goods and services in trade transactions
• How can Technology Help your AML systems?
• AML Regulatory Actions

Moderator: Hermione TAY (MUFG)

Panelists: Robert KOH (HSBC); Doug WOLFSON (Lexis Nexis Risk);

12:30 – 13:30  Networking Luncheon

13:30 – 14:15  All Things Treasury and Working Capital 

• Basel and Capital Requirements
• ISP Model Forms
• ISP98 @ 25 years old
• Multilateral Development Banks and ISP98 Adoption
• ICC DOCDEX Decisions involving ISP98 

Moderator: Vin O’BRIEN (ICC UAE)

Panelists: Sammy YU (JPMorgan); Bhupendra JAGDEV (HSBC)

14:15 – 14:30  Coffee & Networking Break 

14:30 – 15:00  What's New from Swift: Trade Strategy Update

• API Standards for Guarantees & Standbys
• How can a non-bank issuer send an MT700? 

Speaker: Tom ALAERTS (SWIFT)

15:00 – 15:15  Coffee & Networking Break 

15:15 – 16:00  The Latest from the ICC

The Opinions ...

• TA935rev: Notation Evidencing Port of Discharge (or not)
• TA936: Trade Term in Invoice 
• TA937: Airports of Departure/Destination
• TA938: A Tutorial on the Role of Advising Banks 
• TA939: Drafts & Ongoing Need to Educate about Them
  

The Briefings ...

• No. 7 - Title of Invoice (Jul 2023)
• No. 8 - Handling of Certificates (Nov 2023)
• No. 9 - Presentation of Documents Directly to Issuing Bank (March 2024)
  

The Practices ...

• ISBP 821 - three options for the way forward
• UCP600 - time for a refresh?  

Moderator: SOH Chee Seng (ABS and IIBLP)

Panelists: Chris BYRNES (IIBLP); Robert KOH (HSBC)

16:00 – 16:15  Coffee & Networking Break

16:15 – 16:50  Digitalisation of Trade Finance

• Cross-Border eTrade: What’s been the Hong Kong Experience?
• Prospects for MLETR Adoption in China: An Update
• The UK’s Electronic Trade Documents Act and other MLETR activities
• What constitutes a "Reliable System"?
• eUCP 2.1/eURC 1.1 effective July 2023 – Any Impact?  
• Are Club-Based Solutions for LCs a viable alternative?
• Examining printed electronic documents
• FIT Alliance's eB/L goal: What's needed for the stars to align?
• Data Protection Policies: A hindrance to digitalization?

Moderator: Vin O’BRIEN (ICC UAE)

Panelists: Michael BYRNE (IIBLP); Bhupendra JAGDEV (HSBC); Alan DAVIDSON (U. Queensland)

16:50 – 17:00 Summary, Lucky Draw, and Closing Remarks 

The Annual Survey of Letter of Credit Law & Practice (Annual Survey) is the trade finance industry’s premier two-day conference providing structured interaction between participants and leading world-class experts.  

Held each year since 1992, attendees of the Annual Survey include senior bankers, attorneys, LC and standby/ guarantee users, and other experienced specialists. Now is the time for individuals, companies, and firms to take advantage of all the benefits Annual Survey participation and sponsorship has to offer in 2024:

• Learn from Leading World-Class Experts
• Interactive Discussion with Seasoned LC Professionals on Issues Which Matter to You
• Valuable Networking with Industry Leaders, Like-Minded LC Specialists, and Perspective Customers
• Distinguish Your Bank as a Leader in the LC Industry
• Professional Development Units – CDCS Specialists in Attendance earn PDUs
• Budget Value – Maximize Your Bank’s Attendance at a Fraction of the Cost of In-House Training           
• In-Depth Analysis of Today’s Troublesome LC Practice Trends and Hot Topics
• UCP600 and Its Implications for the Future
• The Impact of ISBP … in Your Region and Around the World    
• Valuable Insight into the Major LC Cases and Legal Considerations
• LC Open Forum: Pose Your Questions to Our Experienced Panelists
• ICC – Discussions of valuable, updated Rules needed for understanding LCs, Trade etc.

Given the highly competitive nature of LCs, it is important that banks active in the letter of credit market keep current with industry trends, including issues which cannot be solved by the next UCP. Year after year, the Annual Survey has excelled in assisting its attendees in understanding the impact of critical developments and strategies for enhancing customer relationships. 

Map link:

https://goo.gl/maps/UbQsYgnUYV9sPgSR9

This event will provide 7 CPDs toward recertification for CDCS, CSDG, and CTFC.

You will receive an email with a link to register for the Zoom attendance of this event in the week leading up to it. It is possible that you will receive an event ticket, which is solely for record keeping.
Sponsorship Opportunities

Please email Michael Byrne at mbyrne@iiblp.org for more details on the benefits of sponsoring IIBLP events, including seats, visibility, and access to a 'town square' for the industry.