UCP 600: Uniform Customs and Practice for Documentary Credits - The primary international rules governing the operation of commercial letters of credit
Bills of Exchange Act 1882: Core UK legislation governing negotiable instruments and relevant to letters of credit as they often involve bills of exchange
Sale of Goods Act 1979: Key legislation governing the sale of goods in England and Wales, relevant when letters of credit are used in sale of goods transactions
Contracts (Rights of Third Parties) Act 1999: Legislation governing third party rights in contracts, relevant as letters of credit often involve multiple parties
ISBP: International Standard Banking Practice - Detailed guidelines for examining documents under UCP 600
ICC Rules: International Chamber of Commerce rules and guidelines providing additional governance for international trade finance
Financial Services and Markets Act 2000: Primary UK legislation governing financial services and markets, including banking activities related to letters of credit
FCA Regulations: Financial Conduct Authority regulations governing financial institutions and their practices in the UK
Bank of England Regulations: Central bank regulations affecting banking operations and financial stability in the UK
AML Regulations: Anti-Money Laundering regulations that must be considered when issuing and processing letters of credit
CTF Regulations: Counter-Terrorist Financing regulations that must be followed in international banking transactions
Autonomy Principle Case Law: Legal precedents establishing the principle that letters of credit are independent from the underlying commercial contract
Strict Compliance Doctrine: Legal principle requiring exact compliance with the terms of the letter of credit for payment to be made
Fraud Exception Case Law: Legal precedents establishing when banks can refuse payment under letters of credit due to fraud
Banking Code of Practice: Industry standards and best practices for banking operations in the UK
