Standing By

Launch the bottle rockets! The new rules for commercial letters of credit will become effective July 1, 2007.

The UCP 600 will replace the former ICC rules, designated UCP 500, adopted in 1993. The UCP

600, like UCP 500, is not self-executing. It applies only to credits that invoke it.

AND:

No New Surges

The Defense Department just published its proposed rule to implement the much-criticized and illnamed Talent Amendment, and it surprised everyone.

AND:

MiFID Outsourcing

MiFID (the Markets in Financial Instruments Directive) is intended to promote a single EU market for wholesale and retail transactions in financial instruments.

AND:

The NACHA Enchilada

For many, reading NACHA rules is about as entertaining as tuning into a PBS pledge drive. But the pocket-protector types will need to listen up.

AND:

CRA Recrafted

The Office of Thrift Supervision (“OTS”) is publishing a final rule effective July 1, 2007 revising four areas of its Community Reinvestment Act (“CRA”) regulations to reestablish uniformity between its rules and those of the other federal banking agencies.