The meeting was held over two days, and a number of key points are summarised below.
19 October 2022 - Opinions Session
ICC Opinion TA926rev was approved and is the subject of a separate blog posting.
Whilst the conclusion of the Opinion was accepted by the 27 National Comments sending in comments, there were a few discussions surrounding the analysis of the Opinion.
As a result, a couple of clarifications were incorporated, together with a guidance note surrounding the opening of a bank on a Saturday.
Whilst only one Opinion was put forward for approval at this meeting, it was mentioned that the next Opinions session, on 24 January 2023, is likely to include 3-4 queries.
The discussion then moved on to the Technical Advisory Briefings. The latest, TA Briefing No. 4, Documents presented by a nominated or confirming bank under UCP 600 and lost in transit, is the subject of a separate blog posting.
It was further mentioned that TA Briefing No. 5 is in progress and that it will address Modifications and Exclusions under Documentary Credits subject to UCP 600.
ICC France then raised a new issue in respect of a possible revision of both eUCP Version 2.0 and eURC Version 1.0.
The rationale behind such a revision is to address a number of issues in respect of electronic transferable documents.
A paper has been sent to the Banking Commission Steering Committee requesting approval to proceed. We will keep you updated on progress.
20 October 2022 - Plenary
Updates were provided on a number of issues including:
Details of each session will be made available on the ICC website in due course.
The day finished with a report on possible ICC Rules revisions. This will be the subject of a separate blog posting.