2025 Singapore Annual LC Survey | May 20 | 7 CPDs

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

9:00 – 9:30      Welcome & Introducing Yourselves

9:30 – 10:15    2025 News & Trends in Global Trade

2025 has already been quite a year, and we’re only a few months in. Join our panel of experts as they walk you through the latest news and trends shaping trade and trade finance.

Topics include:

• Charter Party B/Ls: Does Holder have Right to Sue in the Event of Misdelivery?
• The Latest in Russia Sanctions 
• ICC’s reversal on sanction clauses as non-documentary conditions  
• Export Control Regimes: What's Here and What to Watch for
• Letters of Indemnity: implications of LOIs use for LC practice
• UCP700 or Bust: What’s Best for the Future of Commercial LCs?
• The MAS Paper on Commodity Financing 
• Bill of Lading Endorsement: What do laws, regulations, and practice rules say?
• Handling non-UCP transport documents used in oil trades
• Credit Insurance Policies as Security 

Moderator: SOH Chee Seng (IIBLP)

Panelists: Srinath KESHAVAN (Trade Risk Consulting); Vin O’BRIEN (China Systems); Gabriel SHAM (Consultant)

10:15 – 10:25  Coffee & Networking Break

10:25 – 11:10  Supply Chain & Receivables Financing

• Supply Chain Finance: Winners and Losers 
• GSCFF Rules
• SCF via electronic platforms?
• Who takes the compliance risk?

Moderator: Tat Yeen YAP (MayBank)

Panelists: Leslie TAY (TASConnect); John KHAW (Citi)

11:10 – 11:20  Coffee & Networking Break 

11:20 – 12:30  What are the Courts Saying? 

A Deep Dive into Trade Finance Cases Including:

• BCP v. China Aviation Oil – Independence Principle & LOI Use
• Credit Agricole v. PPT – Costs & Effect of LOI Contractual Indemnity Clause
• Winson Oil Trading – If Not Unconscionability, a “New” Fraud Exception: Recklessness
• Inter-Pacific Petroleum – Director's Responsibilities and Oversight under Singapore Companies Act
• ERA Capital – A cautionary tale for LC banks to train employees what not to say about other banks or parties
• The “Maersk Katalin” -- Original bills of lading: a true or false sense of security?
• CTBC Bank v. ICBC -- Good faith, complying documents, and forum non conveniens

Moderator: Alan DAVIDSON (U. Queensland)

Panelists: Boon Teck YEO (BofA); Li HUANG (Hylands Law Firm); JIN Saibo (JTN)

12:30 – 13:30  Lunch Break

13:30 – 13:45  The New DCW

DCW has relaunched as an entirely online source of news and media for trade finance, supply chain finance, and trade compliance. We will do a quick demo and share how DCW can help you in your daily tasks.

13:45 – 14:30  Bills of Lading: A New Dawn

Historically there were good reasons for issuing B/Ls in more than one original but not so now. Who’s responsible for continuation of this outdated practice? More importantly, what realistic options are available for modernizing the B/L instrument and its use?  

Moderator: Vin O’BRIEN (China Systems)

Panelists: Ashish MADAN (Adam Smith); Gabriel SHAM (Consultant)

14:30 – 14:40  Coffee & Networking Break  

14:40 – 14:55  Export Controls: The Singapore Experience

Listen as our experts share some of their recent experiences with navigating global export controls.

Panelists: Michael BYRNE (IIBLP) and Ken CHIA (Baker McKenzie)

15:10 – 15:40  Coffee & Networking Break

15:10 – 15:40  Digitalisation of Trade Finance

• Prospects for MLETR Adoption in Other ASEAN States & China: An Update
• MLETR Reliability Standard Verification
• Assessing the Impact of the eUCP Directory
• eUCP: What’s Hindering Use?
• ICC DSI and the Key Trade Documents & Data Elements Report
• DCSA+ Partnership Programme: What Role do FIs have in shaping the future of digital shipping? 
• Legal Entity Identifiers (LEIs): Use and Potential

Panelists: Alan DAVIDSON (U. Queensland); Vincent O'BRIEN (China Systems); Desmond LEE (Traydstream); Tianmi STILPHEN (ICC DSI)

15:40 – 15:50  Coffee & Networking Break 

15:50 – 16:45  The Latest from the ICC 

The Practices ...

• ISBP Revision – Its status and what stands out
• ISBP Education Project

The Opinions ...

• TA949: Surrendered Bills of Lading 
• TA948: Draft & Packing List 
• TA947: Issuing Bank Charges
• TA945: Meaning of Lost & Application of Article 35 
• TA944: Charter Party B/L Endorsement
• TA943: Documents Sent on Approval Basis
• TA941: Clean B/L

The Briefings ...

• No. 12 – Read in Context with (Nov 2024)
• No. 11 – Trade Finance Definition (Sep 2024)
• No. 10 – Amendment Acceptance or Rejection (Aug 2024)

Moderator: SOH Chee Seng (IIBLP)

Panelists: JIN Saibo (JTN); Chris BYRNES (IIBLP); Li HUANG (Hylands Law Firm)

16:45 – 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.

• 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