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2015 Americas Annual Survey of Letter of Credit Law & Practice2015 Americas Annual Survey of Letter of Credit Law & Practice
Hilton Garden Inn Tampa East/Brandon10309 Highland Manor Dr.Tampa, FL 33610
IIBLP
Tampa
12-13 March12-13 March
CDCS Specialists earn 13 PDUs
2015 Americas Annual Survey of Letter of Credit Law & Practice
Hilton Garden Inn Tampa East/Brandon • 10309 Highland Manor Dr. • Tampa, FL 33610
Thursday, 12 March 2015
8:30-9:00
9:00-9:15
9:15-11:00
11:00-11:30
Check-in and Registration
Welcome by J.P. Morgan and LC Person of the Year Announcement
The Fire Brigade: Hot Topics
Networking Break
1:00-2:00
2:00-2:45
2:45-3:30
3:30-4:00
4:00-5:30
5:30-6:00
Lunch
Working With the New SWIFT MT700 Format
When is a Credit Issued? Recalling an Advice
Networking Break
AML and Compliance Review: The Latest and Most Worrisome
Summary of Critical Issues
Cocktail Reception6:00
program and panelists tentative as of 1/19/15
11:30-1:00 UCP700-Wish List
The 24th Americas Annual Survey conference kicks off with IIBLP’s announcement of its LC Person of the Year
What is the effect of the issuer making and the beneficiary taking partial payment on an LC? Even if the issuer is preclud-ed? (Swiss Singapore [HK]) • The Chinese Copper cases: When is a negotiating bank not protected? (ANZ Bank [China]) • What is the relationship between discounts and negotiations? (Grains [Singapore]) • A vocabulary for back to back LCs: Initial & Secondary Credits
Drafts – Ban them or be burdened by them? • Acceptances – What satisfies an undertaking to accept? • Negotiation • ISBP Incorporated • and more...
The text of the new SWIFT formats and their implications for LC law & practice. (eg., see Swiss Singapore)
Is a credit issued when sent to the adviser or can the issuer recall it? The problem arises chiefly in two situations: When an LC is sent to an advising bank and when it is delivered to the applicant. This panel will explore what the rules say and whether practice differs.
Increasing expectations from US regulators that trade operations can somehow implement automated monitoring for AML on par with sanctions screening • Russian sanctions in the EU and the US – The problems international banks face when dealing with overlapping sanctions • The difficulties of evaluating AML risk by parts of the transaction cycle rather than by product • ICC Guidance Paper on the Use of Sanctions Clauses •Derisking – When “better safe than sorry” goes too far
2015 Americas Annual Survey of Letter of Credit Law & Practice
Friday, 13 March 2015
8:30-9:00
10:00-10:30
10:30-12:00
12:00-1:00
Troublesome Trends & The Year in Review
Networking Break
Recent ICC Opinions: Do You Agree? What They Mean to You
Lunch
1:00-3:00
3:00-3:30
3:30-4:30
4:30-5:00
Lessons From Recent LC Cases
Networking Break
Standby & Guarantee Issues
Summary of Critical Issues
program and panelists tentative as of 1/19/15
Hilton Garden Inn Tampa East/Brandon • 10309 Highland Manor Dr. • Tampa, FL 33610
9:00-10:00
Firsthand Look at the Cuban Banking InfrastructureFive years ago, international banking expert Dennis NOAH became the first US banker to visit Cuba in over half a cen-tury. Dennis will speak on his past experiences, observations of what Cuba’s banks require to enter the global financial system, and what this could mean for US banks.
Why do beneficiary/sellers fail to insist on amending an LC when its terms are misaligned with the contract terms and will result in discrepancies? (Swiss Singapore [HK]) • If issuer sends a notice to a reimbursing bank instructing it to effect reimbursement after having received the documents, has it honored? (Swiss Singapore [HK]) • What should buyer/appli-cant have done where seller failed to deliver but buyer needed the goods (NVK Spinning [US]) • Trade Terms & compli-ance: “steel grade” (Chiyoda Steel [HK]) • Can a nominated bank add its confirmation after the documents have been presented? • Must an issuer determine whether a freight forwarder is an agent of the carrier? (Abani Trading [Singapore]) • Plus Year in Review reports from DCW and Coastline Solutions.
Opinion TA806 (need for notification on endorsement) • Opinion TA810 (typing error: discrepancy or not?) • More evidence UCP 600 is ill-suited for standbys: ICC refrains from issuing Opinion TA798 (whether UCP600 Art. 18 applies when examining the copy invoice) • Plus Draft Opinions for the April 2015 ICC Banking Commission Meeting
What should the beneficiary do when a buyer insists that the issuer not honor a drawing? (Good Luck [US]) • If a contract requiring an LC is silent about the acceptability of a transferred LC, can the buyer tender one? (CEP [HK]) • Fiction-al accounts (DCD Factors [England]) • What is the relationship between discount & negotiation? (Grains [Singapore]) • What if a nominated bank delays in delivering documents? (Grains) • What are the rights of a joint beneficiary of a transferable LC? (Taurus Petroleum [England]) • Injunctions [Ixmation [US]) • Avoiding LC related fraud (Proud Veterans [US]) • Freight charges [Joyspeed [China]) • Criminal Fraud regarding LCs (US v. Musgrave) • What are the obligations of an advising bank beyond advising the LC (Den Danske [Mauritius]) • Injunction & notice of Fraud (Alternative Power [England]) • Is late issuance of an LC by a bank actionable against the applicant? (Amfinance [Malaysia]) • Discrepancies related to moisture, in the commercial invoice, and adjusted price, and a narrow interpretation of LC terms by the issuer (Tokyo Boeki [Japan]) • Can there be an oral confirmation? Beneficiary claimed Nominated Bank agreed to confirm in telephone conversation. (Grains)
ISP98 & URDG Forms: Assessing Advantages and Disadvantages
Host Sponsor
2015 Americas Annual Survey2015 Americas Annual Survey
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 & Invest-ment 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.
Selected Leadership Rankings and Awards: • Best Trade Bank in the World, Trade & Forfaiting Review, 2010-2014 • Best Bank for ECA-covered Finance, Trade & Forfaiting Review, 2014 • Best Provider of Supply Chain Finance, Trade & Forfaiting Review, 2014 • Best Trade Platform/Online Provider, Trade & Forfaiting Review, 2011-2013 • Best Supply Chain Finance Bank, Global Trade Review, 2010- 2013 • Global Bank of the Year – Trade Finance, Treasury Management International, 2013
For more information, visit us at jpmorgan.com/trade
Co-Sponsor
2015 Americas Annual Survey2015 Americas Annual Survey
Moses & Singer LLP provides legal services to prominent corporations, individuals and families from our New York City office. Attorneys in our Banking and Finance practice represent major money center banks and other financial institutions in all phases of lend-ing and financing, both domestic and cross-border, secured and unsecured, bilateral or syndicated. Our firm represents clients in financing and corporate transactions, intellec-tual property, commercial litigation, corporate reorganizations, bankruptcies and a host of other matters. Moses & Singer works with major banks and other financial institutions in complex matters involving trade finance, supply chain finance and letters of credit, including litigation. The firm’s clients are issuers of documentary, direct-pay, and standby letters of credit. The firm also works on commitments to honor or negotiate documents, bank guarantees, bank pay-ment obligations (BPOs) and committed lines of credit. The firm is proud that one of our partners, Michael Evan Avidon, is at the forefront of letter of credit law and was a leader in the most recent revision of the Uniform Commercial Code’s letter of credit provisions and the drafting of the International Standby Practices (rules for standby letters of credit) as well as serving on the Consultative Group for the International Chamber of Commerce’s Uniform Rules on Bank Payment Obligations.
In a world of giant, multi-office law businesses built on associate leverage and driven by billable hour quotas, we believe Moses & Singer offers a difference. That difference is the attention of leading practitioners with the experience and knowledge to provide our clients creative, cost effective, result-oriented representation. The direct involvement of our partners means aggressive, focused problem solving. For more information about Moses & Singer LLP, including the full range of our practices and the many industries we serve please visit www.mosessinger.com.
Co-Sponsor
2015 Americas Annual Survey2015 Americas Annual Survey
Coastline Solutions is the 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: *New*Going Global - ICC Training on Trading InternationallyAvailable in English, Spanish and Portuguese *New*URBPO Online Training: Online training in the new BPO Rules *New*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 the revised Incoterms ICC Arbitration: Online Training in ICC Rules of Arbitration
Contact: www.coastlinesolutions.com
Co-Sponsors
2015 Americas Annual Survey2015 Americas Annual Survey
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
www.law.gmu.edu
Invited Panelists
Mike AVIDON is a partner in Moses & Singer LLP, a New York City law firm, where he co-chairs the Bank-ing and Finance Group and the International Trade Group.
Buddy BAKER has over 30 years of experience in international trade finance. He is head of the Trade Services Sales team at Fifth-Third Bank, based in Chi-cago.
Jim BARNES practices law in the Chicago office of Baker & McKenzie LLC.
James BYRNE is the Director of the Institute of Inter-national Banking Law & Practice, Inc. and teaches at George Mason University School of Law.
Christopher S. BYRNES is Executive Editor of the LC industry’s monthly journal publication, Documen-tary Credit World.
Amoy CHAMBERS is Senior Counsel, Global Trade & Receivables Finance, at HSBC Bank NA in New York City.
John CITROLA is VP of Trade Services Risk Manage-ment with Wells Fargo Bank NA in Charlotte.
Derek ENNIS is CEO of Coastline Solutions, a com-pany specialised in the delivery of the highest quality online training and information systems in the areas of International Trade and Arbitration.
Robert L. FOUTTS is Executive Director for JPMor-gan Chase working in Global Trade Operations and is based in Tampa, Florida.
Rebecca FRUCHTMAN is a Director and Assistant General Counsel at Bank of America Merrill Lynch who advises the bank on letter of credit and other global trade finance matters.
Shelly GANNAWAY is a Vice President and Group Manager of a Product Risk Management team for In-ternational Trade Services of Comerica Bank in Dal-las.
Paula GREAVES, CDCS, is SVP & Global Policies & Procedures Technical Consultant, Global Trade Op-erations, at Bank of America Merrill Lynch in Seattle.
George A. HISERT retired from the practice of law in 2014. Formerly of the San Francisco office of Bing-ham McCutchen LLP, he has more than 45 years’ ex-perience representing major banking and financial institutions in commercial loan and credit transac-tions, letters of credit, and regulatory matters.
Sam JEBAMONY is a VP with JPMorgan Chase Bank N.A. with more than 30 years of letters of credit operations experience with various U.S. and foreign banks.
Saibo JIN is a lawyer, litigator, and arbitrator of the PRC, and is a partner of Commerce & Finance Law Offices of China.
Carter KLEIN is a partner at Jenner & Block LLP where he has practiced for the past 40 years in the ar-eas of financial services, Uniform Commercial Code, credit enhancements and commercial law.
Panelist participation subject to change. No endorsements of any sort by organizations are made or implied.
Invited Panelists
Andrew LUEDER is a senior counsel with Wells Far-go Bank, San Francisco, where he is a member of the International Division of Wells Fargo Bank’s Law De-partment.
Ricardo MARTINEZ is a partner in the New York of-fice of Haynes and Boone. Vincent MAULELLA is the principal of an interna-tional banking and trade consultancy.
Dennis L. NOAH is a retired senior international banking officer and was employed by three different banks during his 39 year career.
Fiore “Frank” PETRASSI is Global Product Manager for Standby Letters of Credit and Guarantees at JPMorgan Chase Bank, N.A. in Chicago.
Paul M. RODER is a partner in the Banking and Fi-nance practice group of Moses & Singer LLP, a New York City law firm.
Rita RICCI is the Global Head of the Trade Expertise Desk of BNP Paribas with over 30 years of experience specializing in trade finance operations.
Donald R. SMITH is President of Global Trade Advi-sory, Ltd., providing services to firms involved in in-ternational trade, typically importing and exporting companies and banks.
Charnell C. WILLIAMS is a Director and Citi’s Glob-al Transactions Services Product Manager, responsi-ble for global risks, controls, and deployment of AML processes.
James WILLS is a business manager and the SWIFT Standards representative for the North American Market as part of the Banking Initiatives Team.
Panelist participation subject to change. No endorsements of any sort by organizations are made or implied.
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