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MT 700 Field Specifications

6. Field 40E: Applicable Rules

FORMAT

Option E 30x[/35x] (Applicable Rules)(Narrative)

PRESENCE

Mandatory

DEFINITION

This field specifies the rules the credit is subject to.

CODES

Applicable Rules must contain one of the following codes (Error code(s): T59):

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 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 (2nd subfield).
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.

NETWORK VALIDATED RULES

Narrative is only allowed if Applicable Rules is OTHR (Error code(s): D81).