8:30 – 9:00 Registration & Check-In
9:00 – 9:30 Welcome & Introductions: Michael BYRNE (IIBLP)
9:30 – 10:30 The Trade Finance Industry - Lawyer’s View
Starting the day with a legal perspective on the latest trends in LCs and trade finance. What’s driving SBLC increased usage and CLCs decreased usage right now, and what should those trends tell you? This opening panel unpacks the drivers reshaping demand: shifting risk appetite, evolving treasury and working capital priorities, and the operational pressures pushing banks and corporates to rethink how they issue and manage LCs.
- Bank Mergers: best practices to clean up dual portfolios
- Back-to-back guarantees & reimbursement Injunctions
- SBLC issuance escalation: amounts, terms, or risk
- eB/Ls: can they replace paper and make trade better
- Community Bank SBLC issuance best practices
- UCP SBLCs and how to not issue them
- Can a standby be issued subject to ISP98 and the then-current version of eUCP?
- Geopolitical risk management
Moderator: Hanno ERWES (HSBC)
Panelists: Lorna STRONG (London School of Economics); Michael AVIDON (Moses & Singer); Glenn RANSIER (Wells Fargo); Gunnar COLLIN (Enigio)
10:30 – 11:00 Lessons from Starr Indemnity
The recent Starr Indemnity case shows the effect that ambiguous wording will have on your SBLCs. Are you sure your SBLCs say what you want them to say? Let’s have a frank conversation on best practices, including ISP98 Form 2 “successive one-year periods plus backstop date“ approach to protect your FI clients and their customers.
Moderator: Michael BYRNE (IIBLP)
Panelists: Paul RODER (Moses & Singer); Rick MARTINEZ (Eversheds)
11:00 – 11:30 Coffee & Networking Break
11:30 – 12:30 LCs on Trial: What the Courts are Telling Us
Non-Payment; LC Terms
- Weifang JS Trading Co. v. Euro Exim Bank (Beneficiary seeks recovery of funds from Issuing Bank under LC providing that honour was conditional upon bank’s receipt of complying documents and payment from applicant)
Independence
- Universal Property Services, Inc. v. Lehigh Gas Wholesale Services, Inc. (LCs with condition that Issuing Bank would only honor demands if Applicant first furnished indemnification to it)
- Moeve Trading SAU v. Mael Trading FZ LLC (LC as a conditional payment instrument, permitting seller to claim against buyer if issuing bank refuses to pay)
Jurisdiction
- Olam Global Agri Pte. Ltd. v. Social Islami Bank (Prejudgment attachment suit filed in NY by Singaporan beneficiary against Bangledesh bank issuer which maintained correspondent account in NY)
LC Fraud
- Porch.com v. Gallagher Re, Inc. (Alleged breach of duties under reinsurance agreement; agreement was collateralized by forged SBLC purportedly issued by China Construction Bank, NY Branch)
Wrongful Dishonor
- MNA Gloves SDN BHD v. London Luxury LLC (payment refused because beneficiary’s presented certificate of origin did not identify applicant as the originator of the goods)
Moderator: Paul RODER (Moses & Singer)
Panelists: Li HUANG (Hylands Law Firm); Joseph NISA (Nisa Law Firm); Frank FORTES (TD); Hanno ERWES (HSBC)
Banker Takeaway: Glenn RANSIER (Wells Fargo)
12:30 – 1:30 Lunch Break
1:30 – 2:15 The FinCrime Files: Sanctions Disputes
A review of recent court decisions involving trade and sanctions including:
- Unicredit v. Celestial
- Litasco v. Der Mond Oil & Gas
- The Catalan Sea
- Kuvera v. JPM
- A (Russian) Company v. The (Canadian) Bank
Moderator: Samantha WELCH (BRG)
Panelists: Frank FORTES (TD); Lorna STRONG (LSE); Nathanael LIN (Rajah & Tann)
2:15 – 2:40 ISP98 & SBLC Educational Initiatives
Education seems to be the word of the year from the ICC and BAFT as they have both launched educational initiatives for SBLCs. Hear from members of the various committees what is happening and how we as a community can help.
Panelists: Glenn RANSIER (Wells Fargo) & Dennis NOAH (IIBLP)
2:40 – 3:10 Coffee & Networking Break
3:10 – 3:50 Sale, Loan or Fraud: The Real Legal Risks in SCF
From payables to receivables, SCF creates legal exposure beyond credit risk. Last year’s First Brands collapse put that exposure on full display. Our experts examine the issues raised in First Brands and others, and recommend best practices to protect your clients.
Moderator: Mike AVIDON (Moses & Singer)
Panelists: Lorna STRONG (LSE); Rick MARTINEZ (Eversheds Sutherland)
3:50 – 4:30 The Paper Chase: Digital Standbys in Practice
Standbys carry no title, so in theory they should be the easiest trade instrument to move off paper. Yet many still reach beneficiaries on paper or as PDFs. Our panel looks at what makes a digital standby a true original, why beneficiaries still ask for paper, and how UCC Article 5 and ISP98 treat electronic issuance and presentation.
Moderator: Gunnar COLLIN (Enigio)
Panelists: Natalie LEDERMAN (Sullivan & Worcester); Sam JEBAMONY (JPM);
4:30 – 5:00 Ask the Experts
This is a chance to ask the experts your most complicated questions. Examples include: what is the applicable law and jurisdictions if not expressly referenced in the LC? Or, how can I be sure the LC is authenticated? Ask these and more.
