Annual Survey of LC Law & Practice. Guarantee & Standby Forum. Letter of Credit Law Summit

Transcription

1 2017 IIBLP Events Annual Survey of LC Law & Practice July 2017 Guarantee & Standby Forum 19 July 2017 Letter of Credit Law Summit 20 July 2017 Singapore

2 Annual Survey of LC Law & Practice Holiday Inn Singapore Orchard City Center 11 Cavenagh Rd Singapore Monday, 17 July :30-9:00 Registration & Check-In 9:00-10:45 What s UP in LCs? And DOWN! Synthetic/Structured LCs Problems revealed in recent court cases 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 Hanjin Bankruptcy: Its Impact 10:45-11:15 11:15-1:00 1:00-2:00 Networking Break ICC Opinions Reviewing Final Opinions from 2016 Recently Decided 2017 Opinions Make your voice heard! Lunch 2:00-3:30 Compliance Update Due diligence by advising and nominated banks -How to handle collections? -Payment of LC or proceeds to a 3rd party -What are banks expected to do regarding fraud? Iran: a victim of de-risking? Cuba: Open for Business but is anyone coming? Trends, Developments, and Expectations for the Future 3:30-4:00 4:00-5:30 Networking Break 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 5:30-6:00 Summary of Critical Issues Day 1

3 Annual Survey of LC Law & Practice Holiday Inn Singapore Orchard City Center 11 Cavenagh Rd Singapore Tuesday, 18 July :00-9:45 9:45-10:15 10:15-12:30 12:30-1:30 1:30-3:00 The LC Year in Review Coastline Solutions DCW: The Top Issues of 2016 SWIFT Update Networking Break Top Legal Practice Lessons Impact of Fraud by Transferor on Transferee Beneficiary Providing in the LC For Alternative Payment for Goods: How to structure? SAMIR Non-Documentary Conditions? Hong Kong Huihuang Expiry in India: Union of India Statute of Limitations/Prescription: How to handle? Indofric Forged LCs: Extent of the problem and reacting to it: Galeana FATCA EU Bail-In Rule The First Year Lunch Legal Cases CKT Marine Services Is this case a Dutch Treat or Threat? In re Stone & Webster Bankruptcy & LC Proceeds Navana Logistics Freight Forwarder Won t Stand for It! Arch Specialty Insurance Co. How long to re-present? Hana Bank Express Release Grains Are nominated banks agents? 3:00-3:30 Networking Break 3:30-4:15 Standby and Independent Guarantee Briefing: A New Approach Standard International Demand Guarantee Practice? Chinese Independent Guarantee Provisions ISP Commentary Revised ISP98 Standby Cases increasing 4:15-5:00 The Concept and Opportunity of the XLC 5:00-5:30 Summary of Critical Issues Day 2

4 Guarantee & Standby Forum Holiday Inn Singapore Orchard City Center 11 Cavenagh Rd Singapore Wednesday, 19 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

5 Guarantee & Standby Forum Holiday Inn Singapore Orchard City Center 11 Cavenagh Rd Singapore :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

6 Letter of Credit Law Summit Rajah & Tann Singapore LLP 9 Battery Road #25-01 Singapore Thursday, 20 July :30-9:00 9:00-10:30 10:30-11:00 11:00-12:30 Check-in and Registration Singapore LC Cases from an International Perspective Grains Unconscionability CKR (negative stipulations) Networking Break Independent Guarantees & Standbys Varying the PRC Independent Guarantee Provisions in the text of an Independent Guarantee or by adoption of practice rules: transfer, applicable law, forum/jurisdiction; reimbursement; standard of examination, etc. Considerations in using URDG 758 and modification of its provisions: from the perspective of the issuer or the beneficiary The Model ABS Form 12:30-1:30 Lunch 1:30-3:00 Issues Raised in Recent Case Decisions Duties of a Nominated Bank: Grains Post Honour Remedies: Jabneel Injunction re Counter Undertaking: CKT Standard of compliance for standbys/ independent guarantees: is it different than for LCs? Sena Trucking 3:00-3:30 Networking Break 3:30-4:30 Drafting and Practice Issues Considerations in Drafting an Auto Extension Clause Article 55 of BRRD (2014/59/EU) Confirmations: More options than added Replacing a standby/independent guarantee: Nat l Union LC Terms in a Contract: considerations 4:30 Reception

7 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. Leng Sun CHAN heads the Dispute Resolution practice in Baker & McKenzie.Wong & Leow. He is Baker & McKenzie s Global Head of International Arbitration. Chi Hoong CHANG is the Regional Lead Counsel for HSBC s Global Trade and Receivables Finance (GTRF) business in Asia Pacific. Angelia CHIA is the Head of Legal, Trade for Standard Chartered Bank. 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. Lionel DE SILVA has accumulated over 30 years of trade operations / trade product experience with Singapore s top local banks and international trade banks. 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. Charmaine FU is a partner at Ang & Partners Advocates & Solicitors, with a focus on shipping and trade. Francis HO is in charge of trade finance back-end operations at Maybank in Singapore. Professor Katsuto IIDA is a retired Professor of Law, Faculty of Law and Policy, at Tezukayama University (Japan). Asmita JAMKHANDIKAR is a Compliance Officer with the Corporate & Investment Bank at J.P. Morgan. Hari JANAKIRAMAN is Senior Manager / Head - Technical Advisory & Sanctions for Australia and New Zealand Banking Group Ltd. Saibo JIN is a lawyer, litigator, and arbitrator of PRC, and a partner at Jincheng Tongda & Neal. Richard KUEK is Co-founder and partner of the firm Gurbani & Co. LLC. Bessie LEE has more than 30 years of banking experience in roles spanning the front, middle and back offices. She currently serves as Advisor for OCBC Bank s Quality and Service Excellence Division. 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. Samir MATHUR is the Regional Head of Global Trade Risk for Asia-Pacific in charge of risk management for trade finance products at J.P. Morgan. Panelist participation subject to change. No endorsements of any sort by organizations are made or implied.

8 Invited Panelists Scott MEYERN is Head of Trade, Lending & FX, and Commercial Banking Operations at Standard Chartered in Singapore. Dora NEO is an Associate Professor at the Faculty of Law, National University of Singapore and Director of its Centre for Banking & Finance Law. Vincent O BRIEN is a practitioner in the Finance of International Trade and Documentary Credits. Ramaprasad PERUMBALA is Vice-President, Regional Trade Finance Operations at Deutsche Bank. 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. TOH Kian Sing is a Partner and Head of the Shipping and Admiralty Practice Group of Rajah & Tann LLP. Boon-Teck YEO is Director and Assistant General Counsel in the Legal Department at Bank of America in Hong Kong. Gabriel SHAM is consultant in Singapore and active in trade finance training. Panelist participation subject to change. No endorsements of any sort by organizations are made or implied.

9 Cooperative Sponsor The Association of Banks in Singapore (ABS) plays an active role in promoting and representing the interests of the commercial and investment banking community in Singapore. Established in 1973, it has over the past 40 years, represented the interests of its members in through strategic engagement with its stakeholders banks, regulators and customers. The Association also works with its members to establish common grounds through benchmarking and setting banking guidelines that are in line with international best practices as well as on projects that are of mutual benefit to face the challenges of the financial and banking community in Singapore. The ABS also works closely with the authorities in supporting their role in developing and maintaining a sound financial system in Singapore. Today, ABS has a membership of 142 local/foreign banks and financial institutions. Further information on ABS is available on the website:

10 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

11 Co-Sponsors 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:

12 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

13 Ready to Register? click for: PRICING Annual Survey USD 765 Regular Rate USD 545 Group Rate (3 or more) Guarantee & Standby Forum USD 385 Regular Rate USD 329 Group Rate (3 or more) LC Law Summit USD 385 Regular Rate USD 329 Group Rate (3 or more) Annual Survey CDCS: 13 PDUs Awarded CONTINUING EDUCATION CREDITS Guarantee & Standby Forum CDCS: 7 PDUs Awarded CSGP: 7 CEUs Awarded LC Law Summit CDCS: 6 PDUs Awarded