- SWIFT UCP 600 Usage Guidelines. - During its 24-25 October 2006 meeting, the ICC Commission on Banking Technique and Practice approved new UCP 600 rules for documentary credits. - With the purpose to remain aligned with the new UCP 600 from this date onward, the 'SWIFT UCP 600 Guidelines' provide guidance to banks on how to use today’s category 7 standards in compliance with UCP 600.. - In other words, the 1 July 2007 effective date of the UCP 600 does not coincide with the implementation date of SWIFT’s Standards Release 2007.. - This means that the only way to let the ICC and SWIFT ‘live’ dates coincide and to publish how the UCP 600 affects category 7 standards was by issuing 'SWIFT UCP 600 Guidelines' that financial institutions can start using as soon as the UCP 600 rules go ‘live’. - The November 2006 SWIFT release caters for the UCP 600 using today’s existing category 7 messages. - James Wills, Head of Trade Services Standards Development at SWIFT notes, “The difference in dates for UCP 600 (1 July 2007) and the annual SWIFT Standards Release (November 2006 and October 2007) has provided something of a challenge. - The SWIFT UCP 600 Guidelines will be reflected in the official Standards Release 2007 documentation (Standards Release Guide and User Handbook) of 27 October 2007.. - a) Field 31D “Date and Place of Expiry” of the MT and 740 The definition of this field should be interpreted as follows: “This field specifies the latest date for presentation under the documentary credit and the place where documents may be presented.” This guideline does not change the usage of this field.. - of the MT and 720 The definition of this field should be interpreted as follows: “This field identifies the bank with which the documentary credit is available (the place for presentation) and an indication of how the credit is available.” This guideline does not change the usage of this field.. - a) Field 31D “Date and Place of Expiry” of the MT 740 The following usage rule should be added:. - “This field should not be used to specify the latest date for presentation of a reimbursement claim or an expiry date for the reimbursement authorization.”. - b) Field 72 “Sender to Receiver Information” of the MT 740 The following usage rule should be added: “Any latest date for a reimbursement claim or an expiry date for the reimbursement authorization should be indicated in this field and not in field 31D.. - c) Field 31E “New Date of Expiry” of the MT 747 The following usage rule should be added: “This field should not be used to specify a new latest date for presentation of a reimbursement claim or a new expiry date for the reimbursement authorization.”. - d) Field 72 “Sender to Receiver Information” of the MT 747 The following usage rule should be added: “Any new latest date for a reimbursement claim or a new expiry date for the. - reimbursement authorization should be indicated in this field and not in field 31E.”. - and “RETURN” in field 77B “Disposal of Documents” of the MT 734 Notice of Refusal cannot be used, must reflect the content of article 16.c of UCP 600 as follows:. - Because the contents (including code words) of field 77B “Disposal of Documents” of the MT 734 are not centrally validated (ie, checked) by SWIFTNet, users may start using the above codes as of 1 July 2007 (live date of UCP 600). - Alternatively, field 77B may contain a narrative text, reflecting the content of article 16.c of UCP 600.. - Please refer to the usage guidelines section of field 77B of the MT 734 for further details
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