This month, we explore how digitalisation is reshaping commercial law across key jurisdictions. Marek Dubovec compares UCC Article 12 and
In a recent discussion, bankers were asked how they calculate confirmation fees as a standard practice: 1) from the advising
In reversing a 2024 trial court ruling, Singapore’s Appellate Division of the High Court found that a former director
The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place. An opening session on 20 November afforded ICC National Committees the chance to update on their local initiatives which was followed by a Technical Advisors’ review session, including treatment of the latest ICC Opinions. On 21 November, a session on the 2024 ICC Trade Register preceded the Banking Commission’s Plenary Session.
Representatives of ICC National Committees were invited to address the virtual audience regarding activities within their country.
Chris Southworth, Secretary General of ICC United Kingdom, reported on his National Committee’s decision to prioritize four key areas geared toward smarter regulatory frameworks, fraud and financial crime prevention, trade finance digitalization, and streamlining KYC. As regards regulatory matters, instead of approaching the UK government from a financial services perspective, ICC-UK packaged its argument as a trade concern for UK businesses. As a result, its recommendations were favourably considered by the UK’s Prudential Regulatory Authority (PRA), including a 20% credit conversion factor (CCF) for performance guarantees.
Writing in a personal capacity as a professional deeply familiar with the ICC Opinion process and the trade finance business, Dave Meynell offers response to three remarks made by Rupnarayan Bose in a June 2025 DCW article on ICC Opinion TA.948.
While both MLETR and the UCC Amendments provide means for facilitating digitalization of trade finance, key differences exist between these model laws. Marek Dubovec focuses on four main areas of difference.
Since a draft was included in the presentation at issue in ICC Opinion TA.948, it prompts important questions about examination not only under UCP but also under bills of exchange law.
Three Draft Opinions will be addressed at the next session of ICC Banking Commission’s quarterly discussion of Opinions on
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