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.
ISP LATEST VERSION: The standby letter of credit is subject to the version of the ICC
International Standby Practices, International Chamber of Commerce, Paris, France, which is in effect on the date of issue.
OTHR: The credit is subject to any other rules.
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
Subfield 2 of field 40E, ie, “/”35x, is only allowed when subfield 1 of this field consists of OTHR
