Following the decision of the Banking Commission of the International Chamber of Commerce which voted for the adoption of the final draft of the UCP600 (Uniform Customs and Practice for Documentary Credits 2007 Revision), FIMBank plc Malta will organize a symposium on Uniform Customs and Practice for Documentary Credits on the 11th and 12th June 2007.
UCP is a set of rules issued by International Chamber of Commerce used by banks, traders and other intermediaries who are involved in international trade. This is the sixth revision since the UCP was first drafted by the International Chamber of Commerce (ICC) in 1933. For more than 70 years the UCP Rules have governed documentary credits globally and this revision possibly represents the most significant event in the last 12 years for the importers and exporters using documentary credits as the method of payment. The revised version of the Uniform Customs and Practice for Documentary Credits will come into effect on 1st July 2007.
Documentary credits are extremely relevant in today's dynamic market circumstances. It is estimated that about 11 per cent of Global trade is conducted via documentary credits which amounts to over $1.25 trillion worth of trade annually. Article 2 of the UCP600 defines a documentary credit as “any arrangement, however named or described, that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honour a complying presentation”.
In the light of this important advent in international trade and to assist correspondent banks and corporate customers to smoothly migrate from UCP 500 to UCP 600 rules, FIMBank plc Malta will organize a seminar entitled "2007 Symposium on International Trade – UCP 600 Rules – a major turning point" on the 11-12 June at the Corinthia San Gorg Hotel in St. Julians.
The seminar will be conducted by six internationally renowned speakers who will discuss topics pertaining to their particular area of expertise. The speakers will be Prof. Charles Debattista (Professor of Commercial Law University of Southampton); Ms. Celia Gardiner (Reeds Smith Butler, LLP Solicitors, London); Mr. Roger Jones (Chairman ICC UK Banking Committee); Mr. Alexander Layton QC (Advisor and Advocate. London); Prof. Salvatore Maccarone (Chairman ICC Italy Banking Commission) and Mr. Vincent Maulella (Trade and Bank Consultant New York).
This event re-iterates FIMBank’s commitment to educate their customers on latest developments in Global Trade. Bank of Valletta plc and the Malta Financial Services Authority are pledging their support to this Symposium. FIMBank plc is a financial institution that focuses on international trade and is a specialist in structures trade solutions involving letters of credit.
The Symposium will be a day and a half of expert advice and discussion covering the changes from UCP 500 to UCP 600 and how they apply to actual situations from application through presentation. Experts from around the world will be invited to attend and share their experiences.
For further information on the Symposium and online registration, please visit our website on www.fimbank.com or contact us on 21 322100.