One of the sessions at the recent October 2022 Plenary meeting of the ICC Banking Commission in Paris addressed a possible revision of ICC rules, specifically UCP 600 and ISBP 745.
ICC National Committees had previously been asked if they considered whether or not it was timely for UCP 600 and/or ISBP 745 to be revised.
The conclusion revealed that there was no real appetite for a revision of UCP 600 and that no major problems had been evidenced through the usage of UCP 600. It was reiterated that, as was stated at the April 2017 meeting of the ICC Banking Commission in Jakarta, a greater understanding of practices should be the way forward, rather than a revision of the rules.
Whilst most respondents considered themselves to be satisfied by the existing content of ISBP 745, a number of issues were raised.
As a result of this, it is likely that a small Drafting Group will be established with the below remit:
We will keep you appraised of developments.