FIMBank, a specialist international trade financial institution, organised a seminar for its staff recently on the new UCP 600 rules (Uniform Customs and Practice for Documentary Credits 2007 Revision Publication no. 600) published by the International Chamber of Commerce

The UCP remains the most successful set of private rules for trade ever developed and FIMBank will be one of the banks dealing in global trade finance to be UCP 600 ready.

Presented by Prof. Charles Debattista, a member of the Consultative Group for UCP600, Vice-Chair of the ICC’s Commission on Commercial Law and Practice and a member of its banking commission, the seminar was part of an intensive programme on UCP 600 awareness adopted by FIMBank. The objective of this seminar was to ensure that its trade finance specialists were fully aware of the changes in UCP 600 before the changeover from UCP 500 on 1 July.

Participants in this seminar indicated that this was a unique opportunity to learn about the technical aspects of the UCP 600 rules and will surely continue to help in the preparation for the imminent changeover. Participants also stated that it was useful to obtain this information directly from a person who was actively involved in the drafting of these rules.