Hong Kong. Guarantee & Standby Forum. Annual Survey of LC Law & Practice. 14 July 2017
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1 Hong Kong Guarantee & Standby Forum 14 July 2017 Annual Survey of LC Law & Practice 15 July 2017
2 Guarantee & Standby Forum Harbour Plaza North Point 665 King s Rd North Point Hong Kong Friday, 14 July :30-9:00 Check-in and Registration 9:00-9:45 What is it? Classification of Undertakings Cases that struggle to make sense out of various undertakings: Laing O Rourke (Australia) Ottoway Engineering (Australia) Bitumen Invest (England) CSSC Hangpu Wenchong Shipbuilding (Hong Kong) Klettenberg (Australia) Mutual and Federal Ins. Co. (S. Africa) Standard Chartered (Hong Kong). Q: Are they Dependent or Independent? You tell us! 9:45-10:30 Compliance Is the standard for Compliance in Standbys and Independent Guarantees different than for Commercial LCs? Sena Trucking (S. Africa) MUR Joint Ventures (England) Other cases on Compliance: Republic Steel (U.S.) Lukoil Mid-East (England) Simic (Australia) (the name of the beneficiary) National Infrastructure v. Banco Santander (England) ( due and owing in demand) RCR (Australia) (entitlement to make a demand) Arch Specialty Ins. (U.S.) (authentic, registered mail, & re-presentation) 10:30-11:00 SWIFT MT 760 Format Revised 11:00-11:30 11:30-11:45 Networking Break Mandated Government Forms for Independent Guarantees & Standbys Recent experiences in Singapore and with the US EPA. Lessons and Strategies. 11:45-12:15 Automatic Extension Clauses Traps and alternatives. 12:15-1:00 The New Chinese Independent Guarantee Provisions Insight into the Provisions that will govern Chinese Independent Guarantee Cases
3 Guarantee & Standby Forum Harbour Plaza North Point 665 King s Rd North Point Hong Kong 1:00-2:00 Lunch 2:00-3:30 Injunctions, Standards, and Enjoining Counter Undertakings Cases about Injunctions: PetroSaudi Oil Services (England) (could beneficiary made good faith claim following adverse arbitral award?) Ottoway Engineering (Interpreting the underlying transaction to determine whether an injunction is appropriate) CSSC Huangpu Wenchong Shipbuilding (guarantees providing for arbitration: on demand) National Infrastructure Development (injunction denied). Cases about Enjoining Counter Undertakings: What is needed to enjoin payment to Local Bank? CKT Marine Services, BV (Netherlands) Sena Trucking (S. Africa) False Documents & Forged LCs: U.S. v. Musgrave (U.S.) Dorchester (U.S.) Galeana Telecom (U.S.) 3:30-4:00 Networking Break 4:00-5:30 Court Cases & Legal Issues The Positive & Negative Stipulations Game: the doctrines, the cases, & the reaction. CKR Contract Services (Singapore) Post Honour Remedies: National Union Fire Ins. (U.S.) (replacement of standby) (failure to return original) Jabneel Devel. Inc. (Canada) (proceeds ordered returned). Other Cases: Arch Speciality Ins. (U.S) (re-presentation and double issuance) Griffin Energy Grp. (Australia) (the Sequel re expiration). 5:30-6:00 Summary of Critical Issues
4 Annual Survey of LC Law & Practice Harbour Plaza North Point 665 King s Rd North Point Hong Kong Saturday, 15 July :30-9:00 Registration & Check-In 9:00-10:30 What s UP in LCs? And DOWN! Synthetic/Structured LCs Problems revealed in recent court cases - The prosecution and conviction - The details - Should structured LCs be permitted? Revising UCP600: Does No mean No in ICC-speak? Original LCs, Original of what sent (e.g., telefax); Is there a solution? ICC s Strict Compliance paper strictly speaking, this is not the answer! The Impact of Blockchain Technology on Commercial LCs & edocuments IPUs Fraudulent SWIFT LCs via hackers - Purported Issuer s liability - To Beneficiary - Nominated Banks who act - Liability of Nominated Bank - Liability of Advising Bank Hanjin Bankruptcy: Its Impact 10:30-11:00 11:00-12:30 Networking Break ICC Opinions Reviewing Final Opinions from 2016 Recently Decided 2017 Opinions Make your voice heard! 12:30-1:00 The LC Year in Review 1:00-2:00 Lunch 2:00-2:45 Compliance Update How to handle collections? What are banks expected to do regarding fraud? Iran: a victim of de-risking? Cuba: Open for Business but is anyone coming? Trade Compliance Certification Sanctions Guidance Papers: Helpful or Not?
5 Annual Survey of LC Law & Practice Harbour Plaza North Point 665 King s Rd North Point Hong Kong 2:45-3:15 Commercial LC Practice Issues Does a nominated bank have a duty to forward presented documents in a timely manner? Grains - Source of duty? - What if a nominated bank does nothing? - What would a UCP rule say? Counting when the time for refusal starts under UCP600 if a document is received on the first day of a weekend? Hong Kong Huihuang The Place of presentation: Does designating another place give rise to jurisdiction? Beneficiary presents to another office of issuer (or nominated bank) in same or different country acting with or without authority and/or in the name of the designated office 3:15-3:45 3:45-5:15 Networking Break Legal Cases & Issues Providing in the LC For Alternative Payment for Goods: How to structure? SAMIR Non-Documentary Conditions? Hong Kong Huihuang How long to re-present? Arch Specialty Insurance Co. Are nominated banks agents? Grains EU Bail-In Rule The First Year Statute of Limitations/Prescription: How to handle? Indofric Injunction re Counter Undertaking CKT Marine Services 5:15-5:45 Summary of Critical Issues
6 Invited Panelists James BYRNE is the Director of the Institute of International Banking Law & Practice, Inc. Christopher S. BYRNES is Executive Editor of the LC industry s monthly journal publication, Documentary Credit World. Jack CHAN is Senior Vice President and the Senior Trade Technical Advisor at Wells Fargo Bank, N.A. Hong Kong. He has been in the banking industry for more than 35 years and with Wells Fargo for 30. Chi Hoong CHANG is the Regional Lead Counsel for HSBC s Global Trade and Receivables Finance (GTRF) business in Asia Pacific. Dr. Alan DAVIDSON is a solicitor and barrister of the Supreme Court of New South Wales and of the High Court of Australia. He is a Senior Lecturer at the TC Beirne School of Law, University of Queensland. Derek ENNIS is CEO of Coastline Solutions, a company specialised in the delivery of the highest quality online training and information systems in the areas of International Trade and Arbitration. JIN Saibo is a lawyer, litigator, and arbitrator of PRC, and a partner at Jincheng Tongda & Neal. Robert KOH has extensive experience in trade banking, having worked in several international trade banks across the Asia Pacific Region. He currently heads the trade banking operations in HSBC for Hong Kong and Macau. Jacques LING is Executive Director, Asia Product Management, Global Trade & Loan Product, JPMorgan. Karl MARXEN is the Director of Legal Research at IIBLP. He has studied independent guarantee practice and abusive drawings under various systems including England, Germany, and South Africa. Peter MUNG is Head of International Trade Services at Rabobank in Hong Kong. Vincent O BRIEN is a practitioner in the Finance of International Trade and Documentary Credits. Samuel SANTIAGO is Associate General Counsel and Director for Bank of America Merrill Lynch. SOH Chee Seng is Technical Consultant, Trade Finance Issues for the Association of Banks in Singapore. Angeline TAN represents SWIFT in Trade Services SEG (Standards Evaluation Group) and Trade Finance Maintenance Working Group. Geoff WILLIAMS is Regional Counsel in Global Transaction Services at Citi and is based in Hong Kong. KK YEUNG is a Director of a consultant company, called EC Trade Consultants Ltd., focusing in offering training, e-commerce and Commodity Trade solutions to corporate and institutional customers. Ernest YANG is parter, and Head of Litigation & Regulatory Group at DLA Piper in Hong Kong. Sammy YU is the Executive Director and the Asia Trade Operation Head of JP Morgan Chase Bank NA. Antony YUNG is a partner at Howse Williams Bowers with experience in a broad range of banking and finance matters. Panelist participation subject to change. No endorsements of any sort by organizations are made or implied.
7 Presented By The Institute of International Banking Law & Practice is a not-for-profit educational and research organization dedicated to the harmonization of letter of credit law and practice. Headquartered in the United States with Associate Directors in Singapore and Ireland and Associates and Fellows in more than 15 countries, the Institute sponsors, undertakes, and cooperates in projects, programmes, 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, bringing together bankers, lawyers, regulators, academics, and corporate users in forums and educational events. It has formulated widely used practice rules, worked with leading organizations, published books, and conducted highly influential programmes. The Institute has worked with organizations such as the UN Commission on International Trade Law, SWIFT, BAFT-IFSA, the International Chamber of Commerce, ICC National Committees in more than 15 countries, and various trade organizations and academic institutions around the world. The Institute has also been at the forefront of combating commercial fraud, seeking to encourage the exchange of information and proactive educational activities. Visit to learn more
8 Co-Sponsor J.P. Morgan is a premier corporate and investment bank with a full suite of global financial services and capabilities. With a client base that includes the world s most important corporations, governments, financial institutions, pensions, sovereign wealth organizations, states and municipalities, we offer strategic advice and deliver banking services in more than 100 countries globally 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 & Investment 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. For more information, visit us at
9 Co-Sponsor 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 Internationally Available 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:
10 Co-Sponsors 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 or for more information, contact DCW at info@ doccreditworld.com
11 Ready to Register? click for: PRICING Annual Survey USD 349 Regular Rate USD 299 Group Rate (3 or more) Guarantee & Standby Forum USD 349 Regular Rate USD 299 Group Rate (3 or more) Compliance Workshop USD 495 Regular Rate USD 395 Group Rate (2 or more) Annual Survey CDCS: 7 PDUs Awarded CONTINUING EDUCATION CREDITS Guarantee & Standby Forum CDCS: 7 PDUs Awarded CSGP: 7 CEUs Awarded Compliance Workshop CDCS: 7 PDUs Awarded CSGP: 7 CEUs Awarded
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