UCP 600: Uniform Customs and Practice for Documentary Credits - The primary international rules governing letters of credit transactions, published by the International Chamber of Commerce
ISBP: International Standard Banking Practice - Detailed guidelines for examining documents under UCP 600
Bills of Exchange Act 1882: UK legislation governing negotiable instruments, including certain aspects of letters of credit
Sale of Goods Act 1979: Primary UK legislation governing the sale of goods, relevant for underlying transactions in letters of credit
Unfair Contract Terms Act 1977: UK legislation controlling the use of unfair terms in contracts, applicable to letter of credit agreements
Contracts (Rights of Third Parties) Act 1999: UK legislation governing third party rights in contracts, relevant for beneficiaries of letters of credit
Financial Services and Markets Act 2000: Main UK financial services regulation framework affecting banks issuing letters of credit
Financial Services Act 2012: Updates to UK financial services regulation including provisions affecting letter of credit issuers
UN Convention on Independent Guarantees: International convention governing standalone guarantees and standby letters of credit
Money Laundering Regulations 2017: UK regulations requiring due diligence and controls to prevent money laundering in financial transactions
Proceeds of Crime Act 2002: UK legislation dealing with money laundering and proceeds of crime, relevant for letter of credit transactions
Terrorism Act 2000: UK anti-terrorism legislation including provisions affecting international financial transactions
Common Law Doctrine of Strict Compliance: Legal principle requiring exact compliance with letter of credit terms and conditions
Common Law Autonomy Principle: Legal principle establishing letters of credit as independent from underlying transactions
Common Law Fraud Exception: Legal principle allowing banks to refuse payment under letters of credit in cases of proven fraud
