UCP 600: Uniform Customs and Practice for Documentary Credits - The primary international rules governing the operation of letters of credit, providing standardized practices and procedures
ISP98: International Standby Practices - Rules specifically governing standby letters of credit, relevant if the divisible letter of credit is in standby form
Bills of Exchange Act 1882: Key UK legislation governing negotiable instruments and various aspects of documentary credits
Sale of Goods Act 1979: Primary UK legislation governing the sale of goods, relevant for underlying transactions in letter of credit arrangements
Doctrine of Autonomy: Common law principle establishing that letters of credit are independent from the underlying commercial contract
Principle of Strict Compliance: Common law principle requiring exact compliance with letter of credit terms and conditions
Fraud Exception Rules: Common law principles governing exceptions to bank's obligation to pay under letters of credit in cases of fraud
ICC Rules: International Chamber of Commerce rules providing standardized international banking procedures and practices
SWIFT Standards: Global standards for financial messaging used in letter of credit transactions
Financial Services and Markets Act 2000: Primary UK legislation regulating financial services and markets, including banking activities
FCA Regulations: Financial Conduct Authority regulations governing financial institutions and their activities in the UK
Bank of England Regulations: Central bank regulations affecting banking operations and financial stability
Anti-Money Laundering Regulations 2017: UK regulations requiring due diligence and compliance measures to prevent money laundering in financial transactions
Sanctions and Export Control Laws: Regulations governing international trade restrictions and export controls affecting letter of credit transactions
Retained EU Regulations: Post-Brexit retained European Union regulations relevant to international trade and banking operations
Divisible Credits Rules: Specific provisions governing partial shipments, drawings, installment payments, and transfer/assignment in divisible letters of credit
