Following the decision of the Banking Commission of the International Chamber of Commerce, which voted for the adoption of the final draft of the UCP600 (Uniform Customs and Practice for Documentary Credits 2007 Revision), FIMBank Malta will be holding a symposium on Uniform Customs and Practice for Documentary Credits on 11 and 12 June.

UCP is a set of rules issued by the International Chamber of Commerce used by banks, traders and other intermediaries involved in international trade. This is the sixth revision since the International Chamber of Commerce (ICC) first drafted the UCP in 1933. For more than 70 years the UCP Rules have governed documentary credits globally and this revision possibly represents the most significant event in the last 12 years for the importers and exporters using documentary credits as the method of payment. The revised version of the Uniform Customs and Practice for Documentary Credits will come into effect on 1 July.

Documentary credits are extremely relevant in today’s dynamic market circumstances. It is estimated that about 11 per cent of global trade is conducted via documentary credits which amounts to over $1.25 trillion worth of trade annually. Article 2 of the UCP600 defines a documentary credit as “any arrangement, however named or described, that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honour a complying presentation”.

In the light of this important advent in international trade and to assist correspondent banks and corporate customers to migrate smoothly from UCP500 to UCP600 rules, the seminar organised by FIMBank Malta entitled “2007 Symposium on International Trade – UCP 600 Rules – a major turning point” will be held at the Corinthia San Gorg Hotel in St Julian’s.

Six internationally renowned speakers will conduct the seminar and discuss topics pertaining to their particular area of expertise. The speakers will be Prof. Charles Debattista (Professor of Commercial Law University of Southampton); Celia Gardiner (Reeds Smith Butler, LLP Solicitors, London); Roger Jones (Chairman ICC UK Banking Committee); Alexander Layton QC (Adviser and Advocate. London); Prof. Salvatore Maccarone (Chairman ICC Italy Banking Commission) and Vincent Maulella (Trade and Bank Consultant New York).

This event restates FIMBank’s commitment to educate their customers on latest developments in global trade. Bank of Valletta plc and the Malta Financial Services Authority are pledging their support to this symposium. FIMBank is a financial institution that focuses on international trade and is a specialist in structures trade solutions involving letters of credit.

For further information on the symposium and on-line registration, please visit website www.fimbank.com or call on 2132 2100.