UCP 600: Uniform Customs and Practice for Documentary Credits - The international standard rules that govern the operation of Letters of Credit, published by the International Chamber of Commerce
Bills of Exchange Act 1882: Key UK legislation governing negotiable instruments, including aspects of letters of credit and bank drafts
Sale of Goods Act 1979: Primary 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 Letter of Credit terms are fair and enforceable
Financial Services and Markets Act 2000: Principal legislation for financial services regulation in the UK, governing banks and financial institutions issuing Letters of Credit
FSMA Regulated Activities Order 2001: Statutory instrument specifying which activities require authorization under the Financial Services and Markets Act
FCA Regulations: Financial Conduct Authority regulations governing conduct of financial institutions in the UK
PRA Requirements: Prudential Regulation Authority requirements ensuring banks maintain adequate capital and risk management for Letter of Credit operations
ICC Rules: International Chamber of Commerce rules governing international trade practices and standards
SWIFT Standards: Standardized messaging protocols for banking communications in Letter of Credit transactions
ISBP: International Standard Banking Practice guidelines for examining Letter of Credit documents
MLR 2017: Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 - UK anti-money laundering requirements
Proceeds of Crime Act 2002: Legislation dealing with money laundering and proceeds of crime, relevant for KYC and due diligence in Letter of Credit transactions
Common Law Contract Principles: Fundamental principles of contract law developed through case law in England and Wales
Principles of Equity: Legal principles ensuring fairness and justice in contractual relationships
Doctrine of Autonomy: Legal principle establishing that Letters of Credit are independent from the underlying commercial contract
