UCP 600: Uniform Customs and Practice for Documentary Credits - The primary international rules governing letters of credit operations worldwide
ISBP 745: International Standard Banking Practice - Detailed guidelines for examining documents under UCP 600
URR 725: Uniform Rules for Bank-to-Bank Reimbursements - Rules governing reimbursement procedures between banks
Bills of Exchange Act 1882: UK legislation governing negotiable instruments and bills of exchange, relevant to letters of credit operations
Sale of Goods Act 1979: UK legislation governing contracts for the sale of goods, which often underlies letter of credit transactions
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 in letters of credit
Financial Services and Markets Act 2000: Primary UK legislation for financial services regulation, affecting banks issuing letters of credit
Doctrine of Strict Compliance: Common law principle requiring exact compliance with letter of credit terms and conditions
Principle of Autonomy: Common law principle establishing that letters of credit are independent from underlying contracts
Fraud Exception Rules: Common law principles governing exceptions to letter of credit payment in cases of fraud
Incoterms 2020: International commercial terms defining responsibilities of buyers and sellers in international transactions
UK Export Control Order 2008: Legislation controlling the export of goods, relevant for international letter of credit transactions
FCA Regulations: Financial Conduct Authority regulations governing financial institutions and their services
PRA Requirements: Prudential Regulation Authority requirements for banks and financial institutions
