Institute of International Banking Law & Practice
The Institute of International Banking Law & Practice is a non-profit American educational and research organization that studies banking law and practice. It was founded in 1987.
The institute's efforts to harmonize international law and practice have resulted in the ISP98 and ICLOCA. It has also played an important role in reforms such as U.S. Revised UCC Article 5 and the United Nations Convention on Independent Guarantees and Standby Letters of Credit.
The institute has also helped combat commercial and financial instrument fraud.
General
The Institute sponsors projects, programs, and publications intended to harmonize letter of credit law and practice.The Institute issued the International Standby Practices . Its principles have 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 Standby Letters of Credit, the eUCP, and the International Standard Banking Practice.
The institute, through its founder and director, has worked with the BAFT-IFSA, the International Chamber of Commerce, the United Nations Commission on International Trade Law, and the National Law Center for Inter-American Free Trade.
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.
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.
History
The institute was directed by George Mason University School of Law, Professor James E. Byrne, until he died in 2018.Programs
The institute hosts The Annual Survey of Letter of Credit Law & Practice and The Guarantee & Standby Forum each year. . It also holds an annual LC Law Summit for lawyers, and various local and on-site training programs and educational seminars. These events bring participants from banks, law firms, regulatory agencies, importers, exporters, and third party intermediariesIn addition, the Institute publishes the monthly journal, Documentary Credit World, successor to Letter of Credit Update, and a series of books including the Annual Surveys of Letter of Credit Law & Practice, the 20th Century Survey of LC Law & Practice, The Official Commentary on the International Standby Practices, the Commentary on UCP500, ISP98 & UCP500 Compared, Letter of Credit Rules and Laws: Critical Texts and the Comparison of UCP600 & UCP500.
Annual Survey of Letter of Credit Law & Practice
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, and other incidents influencing international banking.Documentary Credit World
Containing statistics, news items, and expert opinions regarding specific operational and legal issues concerning banking, international trade, and finance, Documentary Credit World is a monthly publication that reports on the development of Letter of Credit Law and Practice and related issues.UCP600: An Analytical Commentary
The institute's UCP600: An Analytical Commentary provides an 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.The Commentary includes:
- Examination of each article and subarticle of UCP600.
- Discussion of the prior history of each article tracing its development through prior versions of the UCP.
- Reference to ICC Banking Commission Opinions and legal cases from around the world relevant to each article.
- Reference to other rules of practice and legal systems relevant to each article.
- Index and appendices.
- Pocket parts which are annually updated to reflect developments in law and practice.