About the commission

The Banking Commission’s rules on documentary credits, the Uniform Customs and Practice for Documentary Credits (UCP), first issued in 1933, are the most successful privately drafted rules for trade ever developed, forming the basis for more than one trillion dollars in trade each year. Their recent revision, UCP 600, has been broadly welcomed by practitioners worldwide.

In addition to the UCP, the Banking Commission has produced other widely used rules as well. The Uniform Rules for Collections (URC 522), revised in 1995, covers changes in collection procedures, technology and laws and regulations, both national and international.

The Uniform Rules for Demand Guarantees (URDG 758), which came into effect in 2010, are the most reasonably balanced code of practice available for international independent guarantees, and were endorsed by UNCITRAL in 2011. The Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits, (URR 725), revised in 2007, are the first rules to provide a more structured basis for processing these reimbursements.

Building on its leverage in rule-making, the commission has expanded into other areas. In cooperation with the World Bank, Asian Development Bank, SWIFT, European Bank for Reconstruction and Development and International Finance Corporation, the Commission provides vital market intelligence for regulators with its annually produced Global Survey of Trade and Finance.

The Commission is currently engaged in a joint effort with SWIFT to develop rules to support SWIFT’s Bank Payment Obligation (BPO). The aim is to offer banks the foundation to provide their corporate customers with multi-banking services for global trade operated on open account.

Other projects include the revision of the commission’s International Standard Banking Practice for Examining Documents under Documentary Credits (ISBP 681); the development of a new set of rules on forfaiting for the primary and secondary markets - Uniform Rules for Forfaiting (URF); a Task Force on Anti-Money Laundering; an ICC Register on Trade Finance that shows the low-risk nature of trade finance to support imports and exports; and a Counter Terrorist Financing and Financial Crimes Working Group.

With its broad remit and well over 500 members, the Banking Commission is the largest of ICC's commissions.

Sponsorship Opportunities

Sponsorship opportunities are available for companies that would like to associate themselves with the ICC Banking Commission and to its global network. Sponsoring a banking meeting will give your company global recognition to reach leading bankers, corporate treasurers, consultants and vendors active in trade and supply chain finance.

For more information on how to become a sponsor, read more about the sponsorship opportunities or contact Luz Rodriguez on: lrz@iccwbo.org