UCP 600: Uniform Customs and Practice for Documentary Credits - The primary international rules governing the operation of letters of credit
ISP98: International Standby Practices - Rules specifically governing standby letters of credit
URR 725: Uniform Rules for Bank-to-Bank Reimbursements - Rules governing reimbursement procedures between banks in letter of credit transactions
Bills of Exchange Act 1882: UK legislation governing negotiable instruments and certain aspects of documentary credits
Sale of Goods Act 1979: Primary UK legislation governing sale of goods contracts, relevant as letters of credit often involve underlying sale transactions
Contracts (Rights of Third Parties) Act 1999: UK legislation governing third party rights in contracts, relevant for beneficiaries of letters of credit
Doctrine of Strict Compliance: Common law principle requiring exact compliance with letter of credit terms and conditions
Autonomy Principle: Common law principle establishing the independence of letter of credit obligations from underlying transactions
Fraud Exception: Common law principle allowing banks to refuse payment in cases of proven fraud
Financial Services and Markets Act 2000: UK legislation providing regulatory framework for financial services including letter of credit operations
Financial Services Act 2012: UK legislation amending financial services regulation and establishing new regulatory bodies
Money Laundering Regulations 2017: UK regulations implementing anti-money laundering requirements for financial transactions
INCOTERMS: International commercial terms defining responsibilities of buyers and sellers in international transactions
UK Banking Act 2009: UK legislation governing banking operations and regulatory framework
Basel III Requirements: International banking standards affecting capital adequacy requirements for banks issuing letters of credit
