Chinese walker

By Gary Collyer

In the September edition of this newsletter we covered the issues pertaining to UCP 500 Articles 9, 13 and 14. Here, we focus on the remaining four articles – 21, 23, 37 and 48 – and look at some of the issues raised in those 58% of Opinions and whether they have had any bearing on the content of the final text of the UCP 600. The text of which is currently with the National Committees of the ICC for their consideration and voting at the ICC Banking Commission meeting on October 25, 2006.
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By Gary Collyer
In the July edition of this newsletter it was stated that the Task Force engaged by the ICC Banking Commission – to deliver recommendations as to the structure of a revision of UCP 500 – had identified (amongst others) that:Seven articles of UCP 500 had accounted for over 58% of all Opinions issued by the Banking Commission; and that Seventeen articles had given rise to either none, one or two Opinions.

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In order to fulfill consumption needs of the cardholders, ICBC has launched instalments of Peony International Credit Card and Peony Credit Card (hereinafter as “Peony Card”). If the cardholder applies for instalments while consuming with Peony Card, he/she would repay the instalments amount each month, which not only fulfills your need for funds flow, but also gives you a new tool for flexible financial management.

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To help you understand and use Peony card, we specially introduce you about Peony card services improvement measures proposed by ICBC since May 2002.

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Dear Peony International Debit Card holders:

China Industrial and Commercial Bank hereby extends its deep respect to you and thanks you for your persistent confidence and support to Peony Card.

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Article I
Peony international credit card (hereunder referred to as the “international card”) is a kind of generally accepted credit card issued by ICBC granting the cardholder a certain credit line, within which the cardholder can consume first and make repayment later, and having the functions of overdraft consumption, account transfer & settlement, and cash deposit & withdrawal.

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Dear Peony International Credit Card Holders:

China Industrial and Commercial Bank hereby extends its deep respect to you and thanks you for your persistent confidence and support to Peony Card.

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Article I
This regulation is stipulated for promoting the conversion of our country’s traditional currencies to electronic currencies and providing better consumption credit services for all circles of life according to the Administrative Rules on Bank Card Service of the People’s Bank of China and relevant regulations.

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I. In order to make it easy for cardholders to use cards, ICBC launched a series of service improvement measures according to international conventions, announced as below:
1. The following service measures have been launched in the cities of Beijing, Shanghai, Tianjin, Chongqing, Shenzhen, Xiamen, Qingdao, Dalian, Ningbo, Haerbin, Shenyang, Wuhan, Changsha, Chengdu, Xi’an, Kunming, Haikou, etc. and the whole provinces of Jiangsu, Guangdong and Zhejiang:

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By Gary Collyer

The first edition of this newsletter focused on the origins of the UCP revision, the creation of the Drafting and Consulting Groups and some of the statistics surrounding the review and drafting process. In this edition, we look closely at two other important aspects of the revision:
• the 9 “Key Issues” that had been identified by the Drafting Group as requiring specific input from ICC National Committees; and
• the Articles or sub-Articles of UCP 500 that have not been incorporated into UCP 600.
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