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Today is: November 15, 2018  

Compliance Companion®
Standard Procedures Manuals (SPM)

Letters of Credit January 2017

The Letters of Credit Manual provides bankers with a comprehensive source of information
regarding the legal requirements and use of both commercial letters of credit and standby letters of credit.

The Manual discusses the various sources of rules that govern letters of credit, including

  • International Standby Practices (ISP98)
  • Uniform Customs and Practices for Documentary Credits – 2007 Revision (UCP 600)
  • eUCP governing the electronic presentation of documents under letters of credit, which supplements UCP 600
  • Article 5 of the California Uniform Commercial Code

Additionally, the Manual explains the basics of letters of credit and the role of each party to a letter of credit and their rights and responsibilities. Detailed discussions of the operation of a commercial letter of credit transaction and the operation of a standby letter of credit transaction are also provided.

The Manual also provides a discussion of ancillary lending issues affecting letters of credit, such as:

  • Regulations governing financial institution guaranties
  • Treatment of letters of credit under lending limit regulations
  • Risk-based capital guidelines
  • OFAC regulations
  • Anti-boycott laws
  • Insolvency issues affecting letter of credit transactions

The main text of the Manual is 225 pages, plus 27 pages of appendices.


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