Bank of China and ICC China Jointly Sponsor Special Colloquium

For the purpose of promoting and implementing the Regulation of Issues Related to Court Hearing of L/C Disputes (hereinafter referred to as the Regulation ) lately issued by the Supreme People s Court, Bank of China (BOC) and ICC China jointly sponsored a special colloquium on the Regulation on February 9.

At the colloquium, Wan Exiang, Vice President of the Supreme People s Court, Wang Jinzhen, Secretary-General of ICC China, and Zhang Yanling, Vice President of BOC respectively delivered a speech. Wang Yun, Deputy Chief Judge of the Fourth Civil Division of the Supreme People s Court made a detailed introduction to the background and significance of the Regulation.

The colloquium witnessed active discussions with participation of leaders from the People s Bank of China, State Administration of Foreign Exchange, and China Banking Regulatory Committee, as well as principals of international affairs and experts of legal affairs from financial institutions such as the Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, China Merchants Bank, and China Everbright Bank, and large enterprises like China National Cereals, Oils and Foodstuffs Corporation, and China North Industries Corporation.

The participants considered the Regulation as an innovation in the judicial practices since it was the first judicial interpretation that had specifically referred to international practices. Therefore, it aroused extensive attention of international society. For establishing the Regulation on such professional affairs, the judicial authority not only observed the international practices, but also standardized requirements for fields unspecified by the international practices.

This might effectively protect the legitimate rights of international finance and business societies by giving legal basis for the main settlement methods of international trade, as well as improve the financial environment and judicial environment of China as a major international trade participant.

So it would exert great significance and profound influences. The Regulation unified the application of laws for disposal of L/C disputes, and created more standardized, fair, just, efficient and safe environment for international trade and international settlement.

BOC, one sponsor of the colloquium, is an internationalized bank with a long history, and has been the State-designated bank for foreign exchange and foreign trade. Its worldwide distribution of branches greatly facilitates it to take the lead in developing international settlement business in the domestic market.

Furthermore, a large group of professionals equipped with international trade and legal knowledge makes continuous improvement of this business possible. The long-term business practices have formed standardized and complete rules and scientific and safe operational procedures for international settlement within BOC.

The issuance and implementation of the Regulation lay firm legal base for BOC to provide customers with better and more efficient international settlement services in the future.

The colloquium further strengthened communication and cooperation amonglegal affair community, banks and enterprises. They all expressed the intention to study the Regulation carefully, make appropriate promotion, and strictly implement, as well as to make great efforts in maintaining the solemnity, stability and authority of legislations.