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Institute of International Banking Law & Practice
[edit]General
[edit]The Institute of International Banking Law & Practice, a non-profit educational and research organization based in the United States, sponsors projects, programs, 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.
The Institute sponsored the International Standby Practices (ISP98) (ICC Publication 590). It has also played an important role in the revision of U.S. UCC Article 5, the formation of the United Nations Convention on Independent Guarantees and Stand-by Letters of Credit, the eUCP, and the International Standard Banking Practice (ISBP) having worked on these and other projects with organizations such as the International Financial Services Association, the International Chamber of Commerce, the United Nations Commission on International Trade Law (UNCITRAL), and the National Law Center for Inter-American Free Trade.
Its work involves issues as diverse as rulemaking, amicus curiae briefs, risk management, product management, consultation on litigation issues, standard forms, and reviews of international operational procedures, new products, and systems evaluations.
The Institute has also been at the forefront in the battle against financial instrument fraud, sponsoring international programs and publications directed at combating these scams.
History
[edit]Established in 1987, the Institute is directed by GMU Law Professor James E. Byrne. The Institute regularly brings together leaders of the letter of credit community from banks, law firms, regulatory agencies, importers, exporters, and third party intermediaries in interactive forums and educational events designed to foster and promote the exchange of ideas. Its Annual Survey of Letter of Credit Law & Practice Conference, the premier LC event of the year, is held in locations around the world in Hong Kong, China, Singapore, North America, the Middle East, India, Russia, and Europe. It also sponsors an annual LC Law Summit for lawyers, and various local and on-site training programs and seminars.
The Institute publishes the industry’s leading monthly journal, Documentary Credit World (DCW), successor to Letter of Credit Update, and a series of books including the acclaimed Annual Surveys of Letter of Credit Law & Practice, The Comparison of UCP600 & UCP500, The Official Commentary on the International Standby Practices, ISP98 & UCP500 Compared, and Letter of Credit Rules and Laws: Critical Texts.