Russian residents   Legal tax advisory   Analysis    Opinion    Consulting    Planning    Agreements & documents Disclaimer   Request   Contact 
Law company
Proyecto-VS

 Legal analysis and consulting in Russia 

 Remote services / In office 
On-site services in Moscow

Areas
Solutions
Grounds
Comments
Materials
News
ICC launches 2013 edition of International Standard Banking Practice

Legal news
and practices in Russia

20.06.2013
ICC launches 2013 edition of International Standard Banking Practice


• Paris, 20 June 2013

The International Chamber of Commerce (ICC) today introduced the 2013 edition of International Standard Banking Practice (ISBP), the most up-to-date guide for examination of documents under documentary credits.

This revised guide details banking practices to be applied when working with documentary credits that are subject to Uniform Customs and Practice for Documentary Credits, UCP 600 - ICC’s most recent rulebook on documentary credits used for letter of credit transactions worldwide.

This new edition of ISBP does not amend UCP 600 but moreover demonstrates how its principles and content should be integrated into day-to-day practice. It achieves this by providing readers with detailed practices to be considered and applied when working with different trade documents including invoices, transport documents, insurance documents, and certificates of origin. It also provides coverage of documents which are not specifically mentioned in UCP.

New to this edition

The 2013 edition of ISBP covers, among others, practices identified from Opinions approved by ICC national committees since 2007, and also features the following documents which were not previously covered:

• Packing list

• Weight list

• Beneficiary certificate

• Non-negotiable sea waybill

• Analysis, Inspection, Health, Phytosanitary, Quantity and Quality certificates

This latest publication is the first complete revision of the ISBP guide, which was first approved and published by the ICC Banking Commission in 2002, following an update in 2007.

Thierry Senechal, ICC Senior Policy Manager and Banking Commission Executive Secretary said: “This guide has developed into an invaluable aid to banks, corporates, logistics specialists and insurance companies alike, on a global basis, when creating documents for presentation, or for the examination of documents presented under, a documentary credit.” It also assists recipients of a documentary credit in its creation and presentation of documents to a nominated bank or issuing bank.

Gary Collyer, Chair of the Drafting Group for the revision of ISBP, said: “Rejection rates have decreased since the original launch of the ISBP guide in 2002 and it is acknowledged that a major contributing factor to this is the application of the practices detailed in ISBP.”

ICC News Alert, www.iccwbo.org 20 June 2013

? ► General
business legal issues

? ► Business
terms and conditions

? ► Currency and
money laundering control

? ► Customs
clearance of goods

? ► Taxation
of business transactions

? ► English-Russian
and linguistic legal issues

12.05.2021
The Ministry of Finance will modify tax conventions with Hong Kong, Sin­ga­po­re, and Switzerland

20.04.2021
Banks will strengthen control over dubious transactions of customers

19.03.2021
Foreign programmers will be offered a residence permit

10.02.2021
Income tax when selling investment coins made of precious metals

14.01.2021
Beginning from 2021, tax regulation of controlled foreign companies amended and fines sharply increased

All news
(133)
OPERATING ACTIVITIES IN RUSSIA
ßíäåêñ.Ìåòðèêà ßíäåêñ öèòèðîâàíèÿ

Legal analysis and consulting services in Russia
Description of services on this website is not a public offer of services
Law company "Proyecto-VS" (Moscow) • 2001-2024 • Contact
© Website author:
Vitaly Slavinskiy • All rights reserved
LEGAL SUPPORT OF PROJECTS IN RUSSIA