As reported in our separate blog summarising the ICC Banking Commission meeting held in Paris in October 2022, an issue was raised in respect of a possible alignment with MLETR of both eUCP Version 2.0 and eURC Version 1.0 (eRules).
It was accepted that such an approach may be timely in regard to electronic transferable records / documents.
It is necessary to consider each applicable legal system with respect to usage of the eRules in order to determine whether there is any substantive conflict between the eRules definitions and those contained in the local law.
At the time of drafting the eRules, a lack of relevant legislation negated any need at the time to include definitions or clarification of the meaning of an electronic transferable record.
However, the proposed alignment would likely reflect existing and evolving customs, practice, and law, whilst reducing uncertainty surrounding electronic transferable documents.
We will provide you with a more in-depth summary once approval has been provided by the ICC to proceed.