UCP 600: Uniform Customs and Practice for Documentary Credits - ICC rules universally recognized and typically incorporated by reference in Letters of Credit
Bills of Exchange Act 1882: Primary UK legislation governing negotiable instruments, including aspects of documentary credits and bills of exchange
Sale of Goods Act 1979: Key legislation governing the sale of goods in England and Wales, relevant for underlying transactions in Letters of Credit
Unfair Contract Terms Act 1977: Legislation regulating unfair terms in contracts, applicable to ensure fair terms in Letters of Credit
Financial Services and Markets Act 2000: Primary legislation for financial services regulation in the UK, governing banking activities including Letters of Credit
UK Money Laundering Regulations 2017: Regulations requiring financial institutions to implement controls against money laundering, affecting Letter of Credit processes
International Standard Banking Practice (ISBP): ICC guidelines providing standard international banking practices for examining documents under UCP 600
Doctrine of Strict Compliance: Common law principle requiring exact compliance with Letter of Credit terms and conditions
Autonomy Principle: Legal principle establishing that Letters of Credit are independent from the underlying commercial contract
Incoterms 2020: ICC rules for international trade terms, often referenced in Letters of Credit to define trading responsibilities
UK Sanctions Regulations: Regulations imposing trade and financial restrictions that must be checked when issuing Letters of Credit
Export Control Regulations: Laws controlling the export of goods and services, which must be considered when issuing Letters of Credit for international trade
