As mentioned previously, an update on the progress of the Uniform Rules for Digital Trade (URDT) was presented during the Paris Banking Commission meeting in October 2019.
It was re-emphasised that the objective of the URDT is to develop a high-level framework outlining obligations, rules and standards for the digitalisation of trade finance.
Feedback on the initial draft of the rules had been requested from National Committees by 29 November 2019.
The Drafting Group reviewed and analysed all responses and a 2nd draft of the rules has been distributed. This will be addressed in a separate blog.
As is the case with all ICC draft rules, the drafting group responded to all National Committee comments in a separate document. A few of the key changes are summarised below:
- The rules have been re-named Uniform Rules for Digital Trade Transactions (URDTT) to bring them in line with the actual content.
- Similar to the recent eRules (eUCP version 2.0 & eURC version 1.0), the rules now begin with Preliminary Considerations.
- These outline that the rules are intended for a fully digital environment, are technology neutral, extend into the corporate space, and co-exist alongside existing ICC rules. In addition, they highlight thatany reference in the rules to a ‘person' should be understood as covering all types of persons or entities, whether physical, corporate or other legal persons.
- The scope of the rules has been re-drafted and merged with the previous ‘Application' article.
- ‘Confirmation' is now addressed in a separate self-contained article.