What is Field 40E: Applicable Rules?
Field 40E: Applicable Rules is a field in MT 700 swift message that is used to indicate the rules that governs the letter of credit.
This is a mandatory field, which means that it must be stated in all of the letters of credit issued via MT 700 swift format.
One of the following codes must be used
EUCP LATEST VERSION: The credit is subject to the version of the Supplement of the ICC Uniform Customs and Practice for Documentary Credits for Electronic Presentations, International Chamber of Commerce, Paris, France, which is in effect on the date of
issue.
EUCPURR LATEST VERSION: The credit is subject to the version of the Supplement of the ICC Uniform Customs and Practice for Documentary Credits for Electronic Presentations, International Chamber of Commerce, Paris, France, which is in effect on the date of issue. The reimbursement is subject to the version of the Uniform Rules for Bank-to-Bank Reimbursements, International Chamber of Commerce, Paris, France, which is
in effect on the date of issue.
OTHR: The credit is subject to another set of rules, or the credit is not subject to the version of the rules that is in effect on the date of issue, these must be specified in Narrative.
UCP LATEST VERSION: The credit is subject to the version of the ICC Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce, Paris, France, which is in effect on the date of issue.
UCPURR LATEST VERSION: The credit is subject to the version of the ICC Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce, Paris, France, which is in effect on the date of issue. The reimbursement is subject to the version of the Uniform Rules for Bank-to-Bank Reimbursements under documentary credits, International Chamber of Commerce, Paris, France, which is in effect on the date of
issue.
MT 700
Field 40E: Applicable Rules
USAGE RULES
Narrative is only allowed if Applicable Rules is OTHR.
