2024 Singapore Annual LC Survey | May 9 | 7 CPDs

Schedule subject to change  

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

9:00 – 9:10      Welcome from Our Host

Ken CHIA (Baker McKenzie)

9:10 – 9:30      Welcome & Introducing Yourselves

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

• Trade Finance Decline: De-risking is De-structing
• 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
• Letters of Indemnity: implications of LOIs use for LC practice
• Taking the Temperature of UCP: Warming up to 700? 
• 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

Moderator: SOH Chee Seng (ABS & IIBLP)

Panelists: Rachel ANG (OCBC); Alex GRAY (LIBF); Jee Meng CHEN (MayBank); Kalpana SEETHEPALLI (DB);

10:15 – 10:25  Coffee & Networking Break

10:25 – 11:10  What are the Courts Saying? 

A Deep Dive into Cases of Consequence for Trade, Including: 

• 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

Moderator: Alan DAVIDSON (U. Queensland)

Panelists: JIN Saibo (ICC China); Kim SEAH (INCISIVE Law); Nathanael LIN (Rajah & Tann); Boon Teck YEO (BofA)

11:10 – 11:20  Coffee & Networking Break 

11:20 – 11:50  ISBP 821 and UCP600: Overhaul is Due!

ISBP 821 (effective July 2023) but may already be out of step with practice. And UCP600 is being shopped around for a revision. Let us offer the ICC suggestions on what to add, modify, or exclude. Specific provisions to be addressed include ISBP 821 Paragraphs C13(b) and E8(b).

Moderator: Vin O’BRIEN (ICC UAE)

Panelists: Ian MILNE (MonetaGo); Alex GRAY (LIBF)

11:50 – 12:00  Networking Break

12:00 – 12:30  What’s New from Swift: Trade Strategy Update

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

Speaker: Mukta KADAM (Swift)

12:30 – 13:30  Networking Luncheon 

13:30 – 14:15  What else are the Courts Saying? (Part 2)

• Re Ocean Tankers Ltd
  Insolvency and Assignments of Claims
• Lavi v. Bank Negara Indonesia -- Alleged Issuer Sued in USA
• UniCredit Bank A.G. v. Glencore appeal and other cases

Moderator: Alan DAVIDSON (U. Queensland)

Panelists: JIN Saibo (JTN); Kim SEAH (INCESIVE Law); Nathanael LIN (Rajah & Tann); Boon Teck YEO (BofA

14:15 – 14:30  Coffee & Networking Break 

14:30 – 15:00  Supply Chain & Receivables Financing

• GSCFF Rules
• SCF via electronic platforms?
• Who takes the compliance risk?

Panelists: Tat Yeen (MayBank); Ian MILNE (MonetaGo); Srinath KESHAVAN (Trade Risk Consulting)

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 (anticipated)

Moderator: SOH Chee Seng (ABS & IIBLP)

Panelists: Rachel ANG (OCBC); JIN Saibo (ICC China); Christopher Byrnes (IIBLP)

16:00 – 16:15 Coffee & Networking Break

16:15 – 16:50 Digitalisation of Trade Finance

• Cross-Border eTrade: What’s been the Singapore Experience?
• Passage of the UK’s Electronic Trade Documents Act paved the way for the UK to join Singapore in adopting the principles of the MLETR.
• Prospects for MLETR Adoption in China: An Update
• What constitutes a "Reliable System"? 
• eUCP 2.1/eURC 1.1 – Practice Impact Noticeable or Negligible?
• 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: Neil SHONHARD (MonetaGo); Alan DAVIDSON (U. Queensland); Ken CHIA (Baker McKenzie)

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 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. 

In conjunction with this unique conference each year, additional one-day seminars are also conducted which each focus on a specific area of letter of credit business.   

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. 

Continuing Education Credits (CPDs)

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

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.

Additional Resources

• LC Rules & Laws - 8th Ed. 
• ISP98 Official Commentary
  
• Standby and Demand Guarantee Practice: Understanding UCP600, ISP98, and URDG 758
• UCP600: An Analytical Commentary - the ultimate guide to UCP600
• Documentary Credit World - The Source for LC and Trade Finance news, articles, and statistics since 1997