International Financial Services Developments

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International Financial Services Developments

• Central American Meeting on Secured Financing and
  Related Commercial Law Reform
• February, 29, 2008

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Agenda

• International Chamber of Commerce
• E-Invoicing
• Trade Standards (ISO)
• The IFSA

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ICC

• International Chamber of Commerce
• UCP 600, traditional role in rules development
• URDG revision in process
• New Issues for Banking Commission
• SWIFT Trade Services Utility
• New Trade Financing Products
• Fortaiting and other trade financing methods
• Standardization Efforts and Electronic Invoicing

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ICC

• Collateralized Financing (Receivables and
  Inventory)
• Standardization for Secured Transactions
• Regulatory Environment
• ICC AML Task Force
• National Committee Involvement

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EU e-invoicing

• Initiative of the European Union
• Lisbon Treaty
• 2007 study on the status of electronic invoicing
  throughout Europe
• Which countries do electronic invoicing?
• What does electronic invoicing include?
• Secure transmission of data
• Formats of data transmission
• Tax and Customs regulations
• Audit regulations
• Why introducing electronic invoicing?
• Advantages / Challenges / Barriers of electronic
  invoicing

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EU e-invoicing

• July 2007 presentation of the study results to
  the European Commission
• November 2007 approval of the initiative
• January 2008 creation of a Group of Experts
  charged to realize the project

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ISO

• International Standards Organization
• Federation of countries each represented by its
  national standardization body
• Each member can decide whether to participate in
  a Committee or Sub-Committee
• Standardization work is split into a series of
  Technical Committees (TC) which may have standing
  sub-committees (SC) and Working Groups (WG)
• Working Groups (WG) prepare standards and are
  disbanded after approval of standard

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ISO Trade Services SEG

• Trade Services Standards Evaluation Group (Trade
  Services SEG) will evaluate and approve standards
  (messages) for the e-invoicing initiative
• Global messages will allow the e-invoicing
  product developed by the European Union to be
  re-used in other countries

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IFSA

• Association established in 1924
• Focuses on Trade, Payments and Regulation
• Global Focus
• Global Membership
• Certified Documentary Credit Specialist

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IFSA

• Increasing Global Regulation Efforts
• The Financial Action Task Force
• Special Recommendation VII
• WMD Proliferation
• Trade Finance
• Private Sector Consultative Group
• US Regulatory Agencies
• US Treasury, OCC, OFAC, FINCEN, etc.
• Bank Secrecy Act Advisory Group

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IFSA

• Education
• Annual Conference
• September 28 to October 1, Bonita Springs,
  Florida
• Payments Conference
• March 12 to 14, New York
• Regulatory Conference
• Was February 7 and 8, Washington, DC
• Trade Conference
• May 10 to 13, Houston Texas
• E Learning

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WWW.IFSAOnline.org