Byrne Presents Programs Worldwide On New Rules for Independent Guarantees
In May and June 2010, Professor James E. Byrne presented one-day programs on new rules for independent guarantees to more than 175 bankers, lawyers, corporate representatives, and government officials in London (hosted by Cooke, Young & Keidan), Dubai, Vienna (hosted by Erste Bank), Moscow (hosted by Vnesheconombank), Montreal (hosted by National Bank of Canada), and New York (hosted by Bingham McCutchen). In January 2010, he had given similar presentations throughout Asia.
The presentations compared the Uniform Rules for Demand Guarantees Revision No. 758 (effective 1 July 2010) with the International Standby Practices and the Uniform Customs & Practices, other rules of practice that are applied to independent guarantees and standby letters of credit. These rules are perhaps the most notable instances of self-regulation in an industry, providing structure for the approximately US$1.5 trillion outstanding in independent guarantees and standby letters of credit.
Mason Law graduate Jacob Manning ('04) of Dinsmore & Shohl was a presenter at the London event.