ICC Digital Library


Introduction eUCP Version 2.1

The eRules have been intentionally developed with version numbers in order that they can be updated regularly without impacting upon other existing ICC rules, thereby reducing the time required to develop any potential identified revision.

As a result of discussions held in October 2022 during the Plenary Session in Paris of the ICC Banking Commission, the Banking Commission SteerCo established a Working Group with the task of aligning the eUCP with the UNCITRAL Model Law on Electronic Transferable Records (MLETR) in respect of issues pertaining to electronic transferable records.

It is very important to note that this was not a revision nor an update of the eUCP. It was solely an alignment with MLETR with respect to electronic transferable records.

As stated in the ICC “Commentary on the eRules” covering both the eUCP and the eURC, 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, very little key legislation was in place, thereby negating any need at the time to include definitions or clarification of the meaning of an electronic transferable record.

However, recent developments have now made it evident that enhanced alignment with MLETR, and similar legal developments elsewhere around the world, would provide intrinsic benefit.

The specific changes are detailed below:

• Update eUCP sub-article e3 (b) (iii) to state, ‘Electronic record, including an electronic transferable record, means …’

• Add new definition as eUCP sub-article e3 (b) (v) ‘Electronic transferable record means an electronic record that contains the information that would be required in the equivalent paper document, such as a negotiable bill of lading or an assignable insurance document.’

• Previous eUCP sub-article e3 (b) (v) now e3 (b) (vi).

• Previous eUCP sub-article e3 (b) (vi) now e3 (b) (vii).

• Previous eUCP sub-article e3 (b) (vii) now e3 (b) (viii).

• Previous eUCP sub-article e3 (b) (viii) now e3 (b) (ix).

In addition, an appendix has now been added to the rules, providing recommendations for SWIFT MT700 Field requirements in respect of a credit subject to the eUCP Version 2.1.

The content of the eRules will be continually monitored in order to ensure applicability. The support of trade practitioners will be an essential element moving forward. These rules provide many benefits in advancing the documentary credit in a digital environment and ensuring the continued relevance of this valuable instrument in mitigating trade risk.

Thanks are extended to the Working Group:

• Jon Boran, Lloyds Bank

• Christian Cazenove, Société Générale, ICC France

• Gary Collyer, Collyer Consulting

• Gabriele Katz, Deutsche Bank AG

• Glenn Ransier, Wells Fargo

• Kim Sindberg, Nordea

• Sharad Sinha, Standard Chartered Bank

• Eleonore Treu, ICC Austria

David Meynell
Senior Technical Adviser, ICC Banking Commission Chair, eRules Alignment Working Group
April 2023