New rules for demand guarantees effective today (1 July 2010)

Commission on Banking Technique and Practice

Note to Banking Commission members, national committees and groups

New rules for demand guarantees effective today (1 July 2010)  

Dear Sir, Madam,

As you know, the new URDG 758 will enter into force today: 1 July 2010. To this effect, we have posted the necessary information on the ICC website (see http://www.iccwbo.org).

Over the last few months, we have embarked on a great deal of communication and media events to promote the new rules. Training workshops have also been carried out all over the world including NIGERIA.

I am sure that the industry is now aware of the new rules. Still, we need to ensure that the industry and users are well aware that the effective implementation date is 1 July 2010.

Thus, I would urge you to disseminate the information to all your networks to ensure that all stakeholders are aware of the event and its important consequences. Please consider using the attached text as basis for an email to be sent to as large a network as possible: colleagues within your professional organization, customers, media, regulators, lawyers, etc.  

We thank you for all your efforts to help extend the reach of URDG 758. 

A copy of this/these document(s) has been posted on the ICC intranet under:

-    ICC Public Forums

-    Global Intranet

-    ICC Policy Commissions and Groups

-    Banking Technique and Practice

-    Documents for Comments or

-    Documents for Information and read only