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Copyright © International Chamber of Commerce (ICC). All rights reserved. ( Source of the document: ICC Digital Library )
As we enter our 19th year of publication, a number of new ICC rules are on the horizon (see following article). That being the case, the focus of this magazine will increasingly expand to report on new directions for the Banking Commission, though we'll still devote considerable space to our core subjects - letters of credit and guarantees.
One set of these new rules, the Uniform Rules for Forfaiting (URF) have already been approved by the Banking Commission. And in this issue Sean Edwards, one of the forces behind the new rules, explains what they aim to accomplish and how they are linked to L/Cs:.
Another set of new rules, concerning the Bank Payment Obligation (BPO), have not yet been approved by the Banking Commission. But they are programmed for approval at the Commission's April meeting. For that reason, we will devote a special section in the next issue to four experts who will explain how the rules work, who will be using them and their impact on the world of trade finance.
Meanwhile, in this issue, André Casterman, SWIFT's representative on the BPO Drafting Group, reports on recent progress. As André points out: "Open account trade represents 90% of global trade flows." And since the BPO are aimed at open account transactions, the rules will address the most active sector of trade finance.
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The third set, of course, is the revised ISBP. Strictly speaking, these are not rules; they are interpretations of how the UCP should be applied in daily practice. In the five years since the first ISBP appeared, these interpretations have aided thousands of document examiners to do their work with more precision. That being the case, the revised ISBP will be an event of some significance, and we will devote considerable space to reporting on it. A preview of that coverage, our Insight interview with René Müller, appears in the current issue.
It promises to be an interesting year.
Ron Katz Editor
Editor