Highlighted early in the Banking Commission’s 9 October Paris Meeting was ICC’s reorganization into Knowledge Hubs with particular emphasis placed on the work of the “Finance for Development” Knowledge Hub. Progress reports on the efforts of 12 task forces, working groups, and committees of the ICC Banking Commission were given as well as a status update of the drafting of Uniform Rules for Digital Trade. As usual, discussion of ICC Draft Opinions anchored the afternoon sessions. Opinion TA895 dealing with a poorly drafted credit and the cited discrepancy “LC amount overdrawn” attracted considerable attention.
Following DCW’s summary report of the Meeting, Don Smith and Pavel Andrle in separate articles offer their respective thoughts on the ICC Opinion process and lessons learned from the Opinion TA895.