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{{Infobox Organization |
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|name = Institute of International Banking Law & Practice |
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|size = 125px |
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|abbreviation = IIBLP |
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|formation = |
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|headquarters = [[Montgomery Village]], [[Maryland]] |
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|region_served = International |
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|website = [http://www.iiblp.org/] |
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}} |
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== Institute of International Banking Law & Practice == |
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===General=== |
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The Institute of International Banking Law & Practice, a non-profit educational and research organization based in the United States, sponsors projects, programs, and publications intended to harmonize letter of credit law and practice. Since its formation in 1987, the Institute has been a leading force in the Letter of Credit world. |
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The Institute sponsored the International Standby Practices (ISP98) (ICC Publication 590). It has also played an important role in the revision of U.S. UCC Article 5, the formation of the United Nations Convention on Independent Guarantees and Stand-by Letters of Credit, the eUCP, and the International Standard Banking Practice (ISBP) having worked on these and other projects with organizations such as the International Financial Services Association, the International Chamber of Commerce, the United Nations Commission on International Trade Law (UNCITRAL), and the National Law Center for Inter-American Free Trade. |
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Its work involves issues as diverse as rulemaking, amicus curiae briefs, risk management, product management, consultation on litigation issues, standard forms, and reviews of international operational procedures, new products, and systems evaluations. |
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The Institute has also been at the forefront in the battle against financial instrument fraud, sponsoring international programs and publications directed at combating these scams. |
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===History=== |
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Established in 1987, the Institute is directed by GMU Law Professor James E. Byrne. The Institute regularly brings together leaders of the letter of credit community from banks, law firms, regulatory agencies, importers, exporters, and third party intermediaries in interactive forums and educational events designed to foster and promote the exchange of ideas. Its Annual Survey of Letter of Credit Law & Practice Conference, the premier LC event of the year, is held in locations around the world in Hong Kong, China, Singapore, North America, the Middle East, India, Russia, and Europe. It also sponsors an annual LC Law Summit for lawyers, and various local and on-site training programs and seminars. |
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The Institute publishes the industry’s leading monthly journal, Documentary Credit World (DCW), successor to Letter of Credit Update, and a series of books including the acclaimed Annual Surveys of Letter of Credit Law & Practice, The Comparison of UCP600 & UCP500, The Official Commentary on the International Standby Practices, ISP98 & UCP500 Compared, and Letter of Credit Rules and Laws: Critical Texts. |
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===Projects=== |
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=== Annual Survey of Letter of Credit Law & Practice === |
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Covers all reported letter of credit and independent guarantee court decisions from around the world of the past year. This reference tool tracks industry activity impacting ICC rules (UCP600, URDG758, ISP98), and other incidents influencing international banking. |
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=== Documentary Credit World === |
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Containing statistics and expert opinions regarding specific operational and legal issues, Documentary Credit World is a monthly publication that tracks the development of Letter of Credit Law and Practice |
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=== UCP600: An Analytical Commentary === |
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The Institute's UCP600: An Analytical Commentary provides an exhaustive, analytical, and historical interpretation of the text of the UCP in light of letter of credit practice. This study is approximately 1,500 pages, and is updated annually with Pocket Parts. |
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The Commentary includes: |
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* Extensive examination of each article and subarticle of UCP600. |
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* Discussion of the prior history of each article tracing its development through prior versions of the UCP. |
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* Reference to ICC Banking Commission Opinions and legal cases from around the world relevant to each article. |
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* Reference to other rules of practice (ISP98, URDG) and legal systems (US UCC Article 5, UN LC Convention, Chinese LC Rules) relevant to each article. |
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* Comprehensive index and appendices. |
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* Pocket parts that will be annually updated to reflect the latest developments in law and practice. |
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=== Compasrison of UCP600 & UCP500 === |
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This work compares UCP600 and UCP500 by article with analysis and commentary of the evolving rules appearing below the text. It is intended as a practical text that indicates what is changed, how it effects bank and business practices, legal implications and how SWIFT has adapted to suit the changes to these rules. |
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===The Official Commentary on the International Standby Practices === |
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Written to provide a complete understanding of ISP98, The Official Commentary on the International Standby Practices gives users, bankers, attorneys, and other specialists confidence in working with these rules designed for sound standby LC practice. Each of the 89 rules is analyzed in depth, including context and implications. With clear, concise explanations that are readily understood and immensely useful, this edition belongs on the desk of anyone involved with stand |
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=== ISP98 & UCP500 Compared === |
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The essential companion to The Official Commentary on the ISP. Containing the full text of both ISP98 and UCP500, this book is written in an easy-to-understand format and provides an in-depth analysis of the differences between the ISP and the UCP. Written from both perspectives–ISP to UCP and UCP to ISP–and completely indexed, it provides the reader with valuable insights into the rules and their implications for standby practice. As a reference tool, it is without parallel. Now with two-page supplement addressing the key differences between ISP98 and UCP600. |
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=== Letter of Credit Rules and Laws: Critical Texts === |
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Newly revised 4th edition contains all the classics including UCP500, ISP98, and eUCP 1.1 but now also contains UCP600, and the International Standard Banking Practice (ISBP). A must for any LC practitioners library. |
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