Annual Survey of LC Law & Practice - Singapore - Institute of International Banking ...
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Annual Survey of
LC Law & Practice
16-17 July 2018
Singapore
The Institute
of International
Banking Law & Practice
Singapore Annual LC Survey 16 July
Singapore Annual Survey of LC Law & Practice
Holiday Inn Singapore Orchard City Center
11 Cavenagh Rd • Singapore 229616
8:30-9:00 Registration and Check-In
9:00-10:45 Digitization and the Future of LCs
•• Unlocking Blockchain for Trade
-- What are the current issues for implementation?
-- What is the likely impact?
-- Who is pushing for it?
•• Fintech: What is it? What impact will it have for trade?
•• Revision of the eUCP: Who wants it? Is this an end run around revision
of UCP600? Does the ICC’s “NO” really mean “no”?
•• URBPO: Can a revision of the rules breathe life into BPO?
10:45-11:15 Networking Break
11:15-1:00 LC Practice Issues
•• Factoring & Trade: Its impact on LC operations and issues for LC banks
•• Notices: “Send” or “Received”: Is there a real difference?
-- Dishonour
-- Change of Address
-- Non Extension
-- Other Notices
•• Is an agreement in advance to pay funds a transfer a letter of credit?
Banco del Austro
•• Fax Presentments under Direct Pay Standby LCs: Should fax
presentments be allowed?
1:00-2:00 Lunch
Day 12:00-3:30 ICC Opinions
Reviewing 2017 and 2018 Final Opinions -- Are they sound? Analyzing
the most significant and controversial, including:
•• Dishonour of electronically generated custom’s export declaration
because not authenticated: TA865 (Nov. 2017)
•• Calculation of maturity date: TA 871 (Nov. 2017)
•• Tolerance and total: TA875 (Nov. 2017)
•• Government required certificate of origin: TA864 (Nov. 2017)
•• Short shipment in 8 containers: TA869 (April 2017)
3:30-4:00 Networking Break
4:00-5:00 “Conflict” in UCP600, ISBP, and in the ICC Opinions
•• What does UCP600 say about conflict and inconsistency? See the issues in
Swanhill: Name of Beneficiary; Number of Guarantee; and Invoice Number.
•• What do the recent ICC Opinions say about “conflict”? Do they conflict with
one another?
•• Do the ICC Opinions reflect practice on technical discrepancies?
•• What weight are ICC Opinions given regarding conflict by banks? By judges?
5:00-5:30 SWIFT Update
Preparing for “Go Live” MT 700 changes in November 2018
5:30-6:00 Summary of Critical Issues
Day 1Singapore Annual LC Survey 17 July
9:00-10:00 Global Survey
•• Coastline Solutions: Update and What’s New
•• DCW: The Top Issues Impacting Commercial LCs in 2017 and a Status Report
•• LC Case Study: Oral Statement by Confirmer that Documents “in order” after
cure and re-presentation
10:00-10:30 Networking Break
10:30-12:15 Trade Based Financial Crime Compliance
•• TBFCC Certification: What you should know
•• BAFT’s TBML Report & Wolfsberg Group Paper: Key Findings & Reactions
•• Correspondent Banks: Reviewed
•• Is Import Financing an issue for Trade?
•• What documents matter? Examination under TBFCC vs. UCP600? Should
the examinations be done by the same person?
•• Wing Fai: LCs used to pay but no goods delivered: What should an issuer do
to check?
•• What are customers doing to circumvent Compliance?
•• False B/Ls issued by NVOCCs
•• What tools are banks using?
•• Are you checking all B/Ls for North Korean port activities of vessels?
Why and How?
12:15-1:15 Lunch
1:15-1:45 The Vin O’Brien Show
How Letters of Credit are made available – past, present and future!
1:45-2:15 Standby & Independent Guarantee Briefing
•• The 2017 cases: What explains the significant increase in litigation?
An Overview of the Issues
•• ISP98 Official Commentary 2nd Edition – Analyzing 20 Years of ISP98 Use
•• Report on the Chinese Independent Guarantee Provisions
Day21
Day2:15-2:45 Revitalizing the LC
•• The Problem: Too many discrepancies are causing users to abandon
LCs for open account.
•• The Features and Viability of the The Expedited LC (XLC) as a solutuion
will be discussed
2:45-3:15 Networking Break
3:15-5:15 LC Cases: Key Issues Litigated in 2017
•• ACR: How choice of law can affect the limitations/prescription period
•• China Construction Bank: the Impact of LC Fraud on a negotiating bank
discounting accepted bills of exchange under LCs
•• Deutsche Bank: Must a confirming bank demonstrate payment on a TT
Reimbursement Clause?
•• Indofric: a report as to why a bank would litigate a case where the
limitations period had run
•• Jiangsu: Lessons from an unworkable LC
•• Kolmar: Enforcement of a Singapore judgment by a Chinese court
•• Sincore: When forged documents do not matter
•• So Sau: Does the issuer have an obligation to counsel applicant? What
if it does so? What does a bank need to know (or not know) about
trade terms?
•• Taurus Petroleum: arbitration and assignment of proceeds
•• Toyota Tsusho: Post Honour Remedies for a forged signature
•• Louis Vuitton: Trademark risk: Do banks face it?
5:15-5:30 Summary of Critical Issues
Day 2Invited Panelists
James BYRNE is the Director of the Institute Arumugam Gunasekar is Head of
of International Banking Law & Practice, Inc. Documentary Trade Operations at Standard
Chartered in Singapore.
Christopher S. BYRNES is Executive Editor of
the LC industry’s monthly journal publication, Francis HO worked at Maybank (Singapore)
Documentary Credit World. since 1972, looking after trade finance back-
end operations.
Leng Sun CHAN heads the Dispute Resolution
practice in Baker & McKenzie.Wong & Leow. Nesarul HOQUE is Assistant Vice President
He is Baker & McKenzie’s Global Head of of Mutual Trust Bank Limited in Bangladesh.
International Arbitration.
Professor Katsuto IIDA is a retired Professor
Chi Hoong CHANG is the Regional Lead of Law, Faculty of Law and Policy, at
Counsel for HSBC’s Global Trade and Tezukayama University (Japan).
Receivables Finance (GTRF) business in
Asia Pacific. Asmita JAMKHANDIKAR is a Compliance
Officer with the Corporate & Investment
Angelia CHIA is a partner in the Singapore Bank at J.P. Morgan.
office of Mayer Brown JSM and a member of
the Global Finance Practice Group. Hari JANAKIRAMAN is Senior Manager /
Head - Technical Advisory & Sanctions for
Alan DAVIDSON is a solicitor and barrister of Australia and New Zealand Banking Group
the Supreme Court of New South Wales and Ltd.
of the High Court of Australia. He is a Senior
Lecturer at the TC Beirne School of Law, Saibo JIN is a lawyer, litigator, and arbitrator
University of Queensland. of PRC, and a partner at Jincheng Tongda &
Neal.
Derek ENNIS is CEO of Coastline Solutions,
a company specialised in the delivery Richard KUEK is Co-founder and partner of
of the highest quality online training the firm Gurbani & Co. LLC.
and information systems in the areas of
International Trade and Arbitration. Kim Fui LIEW is Senior Vice President,
DBS Global Transaction Services.
Charmaine FU is a partner at Ang & Partners
Advocates & Solicitors, with a focus on
Samir MATHUR is the Regional Head
shipping and trade.
of Global Trade Risk for Asia-Pacific in
Elsie GOH is Vice President at OCBC Bank in charge of risk management for trade
Singapore. finance products at J.P. Morgan.
Panelist participation subject to change. No endorsements of any sort by organizations are made or implied.Invited Panelists
Dora NEO is an Associate Professor at Otar Tabutsadze is Trade Finance
the Faculty of Law, National University of Manager at PASHA Bank in Tbilisi, Georgia.
Singapore and Director of its Centre for
Banking & Finance Law. Simon TAM is Head of Operational Risks,
Global Trade Finance Operations, at
Vincent O’BRIEN is a practitioner in Deutsche Bank in Hong Kong.
the Finance of International Trade and
Documentary Credits. TOH Kian Sing is a Partner and Head of the
Shipping and Admiralty Practice Group of
Ramaprasad PERUMBALA is Vice-President, Rajah & Tann LLP.
Regional Trade Finance Operations at
Deutsche Bank. Boon-Teck YEO is Director and Assistant
General Counsel in the Legal Department
Gabriel SHAM is an independent consultant at Bank of America in Hong Kong.
based in Singapore providing trade finance
training and advice mainly to banks.
Formerly Head of Trade Services Asia for
Royal Bank of Scotland.
SOH Chee Seng is Technical Consultant,
Trade Finance Issues for the Association of
Banks in Singapore.
Panelist participation subject to change. No endorsements of any sort by organizations are made or implied.Cooperative Sponsor The Association of Banks in Singapore (ABS) plays an active role in promoting and representing the interests of the commercial and investment banking community in Singapore. Established in 1973, it has over the past 40 years, represented the interests of its members in through strategic engagement with its stakeholders – banks, regulators and customers. The Association also works with its members to establish common grounds through benchmarking and setting banking guidelines that are in line with international best practices as well as on projects that are of mutual benefit to face the challenges of the financial and banking community in Singapore. The ABS also works closely with the authorities in supporting their role in developing and maintaining a sound financial system in Singapore. Today, ABS has a membership of 142 local/foreign banks and financial institutions. Further information on ABS is available on the website: www.abs.org.sg.
Co-Sponsor J.P. Morgan is a premier corporate and investment bank with a full suite of global financial services and capabilities. With a client base that includes the world’s most important corporations, governments, financial institutions, pensions, sovereign wealth organizations, states and municipalities, we offer strategic advice and deliver banking services in more than 100 countries globally For more than 200 years, J.P. Morgan has helped clients make trade payments, access liquidity, and manage risk. Global Trade & Loan Products, a division of J.P. Morgan’s Corporate & Investment Bank, provides market-leading traditional trade, supply chain finance, export finance, and information management solutions to corporations and financial institutions worldwide. Our institutional strength, practical expertise, comprehensive technology, and unparalleled network enable us to deliver powerful global solutions when and where our clients need them. For more information, visit us at www.jpmorgan.com/trade
Exclusive Law Firm Sponsor Rajah & Tann Singapore is one of the largest full-service law firms in Singapore and South East Asia. Over the years, the firm has been at the leading edge of law in Asia, having worked on many of the biggest and highest profile cases in the region. The firm has a vast pool of talented and well regarded lawyers dedicated to delivering the very highest standards of service across all the firm’s practice areas. In the last few years, the firm has entered into strategic alliances with leading local firms across South East Asia and this led to the launch in 2014 of Rajah & Tann Asia, a network of more than 600 lawyers. Through Rajah & Tann Asia, the firm has the reach and the resources to deliver excellent service to clients in the region including Cambodia, China, Indonesia, Lao PDR, Malaysia, Myanmar, Thailand and Vietnam. The firm’s geographical reach also includes Singapore based regional desks focus- ing on Japan and South Asia. For more information visit www.rajahtann.com
Co-Sponsors
Coastline Solutions is a technology partner of the ICC responsible for the delivery of online
training and information services. Banks, traders, logistics companies and law firms from over
100 countries use these services to save time, reduce costs, and keep their staff up to date
with the latest international trade practices.
Coastline’s services include:
ICC Digital Library – Trade Finance Channel
Coastline is ICC’s partner in the development and delivery of all of ICC’s Trade Finance
publications through the ICC Digital Library (formerly DC-PRO).
Contents:
ICC trade Finance Rules
ICC Opinions
ICC Docdex Decisions
IIBLP Legal Case Summaries
Discussion Forum
News
Articles on Trade Finance
And more…
Online Training:
• TBFC: Trade Based Financial Crimes training
• ISBP Online: Comprehensive training in the revised ISBP 745
• Collections Online Training: Comprehensive training in collections and URC 522
• Mentor 600: Comprehensive training in letters of credit and UCP 600
• DC Master: Advanced training in letters of credit
• ISP Master: Advanced training in ISP98 and independent undertakings
• URDG Master: Comprehensive training in Demand Guarantees and URDG 758
• Incoterms® 2010 Online Training: Online Training in Incoterms® 2010
• ICC Arbitration: Online Training in ICC Rules of Arbitration
• Going Global - ICC Training on Trading Internationally
Available in English, Spanish and Portuguese
• URBPO Online Training: Online training in the new BPO Rules
Contact: www.coastlinesolutions.comCo-Sponsors
Documentary Credit World (DCW) is the world’s only
monthly journal dedicated to the field of letter of credit
law and practice. Published in partnership with BAFT,
DCW is linked to the most important players in the industry to bring its readers valuable
information and the latest news of developments affecting their LC operations and business.
From its focus on new rules and regulations involving commercial and standby LC practice
to its regular discussion of recent court cases, DCW covers a host of topics and is essential
for industry professionals. In addition to individual subscriptions, licenses for groups are
available. To view our latest issue’s Table of Contents visit www.doccreditworld.com or for
more information, contact DCW at info@ doccreditworld.com
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