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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:

• Initiate a limited review of ISBP 745 with the aim of reviewing all ICC Opinions approved since the release of ISBP 745 and ascertain whether or not any updates are required.
• Completion by the date of the next ICC Banking Commission meeting in April 2023.
• At that stage, a decision will be made on next steps, which may include a wider revision of ISBP 74 5or the development of a supplementary guidance product, if required.
• ICC National Committees will be invited to nominate members to join the Drafting Group.
• At this stage, the group will be restricted to a maximum of eight participants, with the existing core TA team taking up four of this number.
• Proposed nominees not appointed will be kept on record for any future work that may materialise in this regard.

We will keep you appraised of developments.

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