ISBP
ISBP
Any idea when the new ISBP will become effective ?
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SladjanaSkakic
- Posts: 57
- Joined: Fri Apr 05, 2019 5:27 pm
ISBP
As I know, it is already effective, since ICC Banking Commissions meeting in april.There is no day of implementation, which feels a bit strange... ISBP publication comes out in june or july
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GlennRansier_olsABN
- Posts: 70
- Joined: Fri Apr 05, 2019 5:18 pm
ISBP
ISBP was approved at ICC Banking Commission meeting on 17 April 2013 with only one country objecting. Voting was the highest, by country, for any ICC set of rules or publication.
ISBP
Based on what I have received from ICC (UK) the drafting group sent out lengthy comments -which were relayed to the National Committees- at the end of which was the following statement:
‘There have been a number of comments made regarding a possible ‘implementation date’ should ISBP be approved in April. When considered logically, the view of the Drafting Group is that as the publication is a reflection of practice that exists under UCP 600 there is no true implementation date, only a publication date. By the views expressed by all or a majority of national committees, the content of the attached ISBP reflects practice under UCP 600 and, therefore, the practices that banks should already have been employing in their day to day activities since the implementation of UCP 600.’
I have to admit I missed this at the time the drafting group’s comments were forwarded by ICC (UK) to me and might have queried this approach had I understood their intention. (Having said that, it would probably have made no difference anyway if I had.)
While I would agree with the theory expounded by the drafting group I would disagree with the practice[!] as clearly the new ISBP does create new practice (where none previously existed), e.g. para 35(d).
I therefore think any bank or beneficiary (and possibly even applicant) that does not already have a copy of the text that was agreed in Lisbon is at a serious disadvantage.
‘There have been a number of comments made regarding a possible ‘implementation date’ should ISBP be approved in April. When considered logically, the view of the Drafting Group is that as the publication is a reflection of practice that exists under UCP 600 there is no true implementation date, only a publication date. By the views expressed by all or a majority of national committees, the content of the attached ISBP reflects practice under UCP 600 and, therefore, the practices that banks should already have been employing in their day to day activities since the implementation of UCP 600.’
I have to admit I missed this at the time the drafting group’s comments were forwarded by ICC (UK) to me and might have queried this approach had I understood their intention. (Having said that, it would probably have made no difference anyway if I had.)
While I would agree with the theory expounded by the drafting group I would disagree with the practice[!] as clearly the new ISBP does create new practice (where none previously existed), e.g. para 35(d).
I therefore think any bank or beneficiary (and possibly even applicant) that does not already have a copy of the text that was agreed in Lisbon is at a serious disadvantage.
ISBP
ISBP 745 release date is 20th June 2013. However, there's no implementation date as these are "practices" not "rules or guidelines". In one sense, the implementation date can be "1st July 2007", the day UCP600 came into effect, as these practices are there since then.
[edited 6/7/2013 10:14:05 AM]
[edited 6/7/2013 10:14:05 AM]
ISBP
'these practices are there since then'? Oh no they are not!
ISBP
Yes, they are. Though not wide as they will be now.
ISBP
I do not believe for a minute that, for example any bank :
1. has been treating as a signature a statement on a document which indicates that authentication may be verified or obtained through a specific reference to a website (URL).
2. has been regarding it as acceptable for the amount in figures and words on a bill of exchange to differ.
[edited 6/11/2013 12:59:50 PM]
1. has been treating as a signature a statement on a document which indicates that authentication may be verified or obtained through a specific reference to a website (URL).
2. has been regarding it as acceptable for the amount in figures and words on a bill of exchange to differ.
[edited 6/11/2013 12:59:50 PM]
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GlennRansier_olsABN
- Posts: 70
- Joined: Fri Apr 05, 2019 5:18 pm
ISBP
There are also a couple of opinions that are being overridden with the new ISBP.