On 6 June 2017, the ICC Banking Commission launched a Digitalisation Working Group to anticipate and accompany the digitalisation of trade finance.
As announced at the time, one core activity was an evaluation of ICC rules in order to assess e-compatibility and ensure they are "e-compliant".
The work-stream tasked with this activity evaluated and concluded that two pieces of work need to be taken forward: an update of the existing eUCP rules and the formulation of new rules covering electronic presentation for Collections (eURC).
ICC National Committees voted for approval of both sets of rules in March 2019, and they came into force from 1stJuly 2019.
Both sets of eRules, eUCP & eURC, were drafted on the basis of version numbers: eUCP version 2.0 and eURC Version 1.0.
The use of version numbers allows for a more focused and shorter revision of the rules as and when technological advances are made or where market trends develop or expand from time to time. For all of the ICC eRules, it was recognised at the outset that 5-, 10- or 15-year periods before a revision do not fit the digital model and the Banking Commission must be ready to respond at short notice and deliver updated versions as necessary.
As it is now 2 years since these rules came into force, is it reasonable to expect new versions within the near future?
Whilst the ICC has not, at this stage, made any formal announcement, it would be expected that a review of the rules would take place by the end of 2022. Based on feedback received, we are sure that a decision would then be made as to next steps.