Institute of International Banking Law & Practice
From Wikipedia, the free encyclopedia
 | |
| Abbreviation | IIBLP |
|---|---|
| Formation | 1987 |
| Headquarters | Montgomery Village, Maryland |
Region served | International |
| Website | http://www.iiblp.org |
The Institute of International Banking Law & Practice is a non-profit American educational and research organization that studies banking law and practice.[1] It was founded in 1987.
The institute's efforts to harmonize international law and practice have resulted in the ISP98 (International Standby Practices) and ICLOCA (International Center for Letter of Credit Arbitration). It has also played an important role in reforms such as U.S. Revised UCC Article 5 and the United Nations Convention on Independent Guarantees and Standby Letters of Credit.
The institute has also helped combat commercial and financial instrument fraud.[2]
The Institute sponsors projects, programs, and publications intended to harmonize letter of credit law and practice.[3]
The Institute issued the International Standby Practices (ISP98) (ICC Publication 590). Its principles have 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 Standby Letters of Credit, the eUCP, and the International Standard Banking Practice (ISBP).
The institute, through its founder and director, has worked with the BAFT-IFSA, the International Chamber of Commerce, the United Nations Commission on International Trade Law (UNCITRAL), and the National Law Center for Inter-American Free Trade.[4]
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.[5]
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.[6]
