Certificate for Documentary Credit Specialists (CDCS) 2021/22

Summary of key changes for exams on, or after, 5 July 2021

All references to section numbers refer to the 2021/22 edition. Changes in section numbering and very minor
amendments have not been included. Please note that changes related to eUCP and Incoterms 2020 were
published in the November 2019 Important Updates document.

New features
The features below have been added to help you engage with the content.
• Think – find out what you already know before you start each topic.
• Check your understanding activities – ensure that you’ve understood what you’ve read.
• Think Again – check that you’ve met each learning objective.
• Examples – engage with difficult concepts through real-life scenarios.
• Case studies – work through activities to apply your knowledge.
• Animated videos – grasp complex processes explained in clear steps.
UCP 600 and ISBP 745
Throughout this course, reference to articles and sub-articles applies to the content of UCP 600 and reference to
paragraph numbers to ISBP 745. It is important to note that ISBP 745 does not amend UCP 600. It explains how
practices articulated in UCP 600 are to be applied by documentary credit practitioners, in particular when
examining documents. ISBP 745 and UCP 600 need to be read in their entirety and not in isolation.
Pop-ups, links, and/or summaries (UCP 600, ISBP 745, ISP98, URR 725)
The new digital learning materials provide access (via pop-ups or links) to UCP 600, ISBP 745, ISP98 and URR725.
In some cases, key points have been summarised, instead of providing links. Occasionally, where articles, sub-
articles or paragraphs have been mentioned solely as a point of reference, neither summaries nor links have
been included.
Full PDFs of UCP 600, ISBP 745, ISP98 and URR 725 are available to registered students only.
Section Subject area
Topic 1 The history and use of documentary credits
1.1, 1.2 Updates in these sections
Topic 2 The role of the ICC and the development of the UCP
Intro, 2.1, 2.3.9, 2.1.1, 2.3.7 Updates on various ICC developments
Topic 3 & 4
Content on key definitions and roles and responsibilities now appears in Topic 3 before the introduction to
documentary credits in Topic 4.
Topic 3 Roles and responsibilities – defining terms and conditions
Minor updates in all sections.
Topic 4 Documentary credits and other methods of settlement
4.2, 4.3, 4.4, 4.5, 4.6, 4.7 New animated videos in these sections.
Topic 5 The sale contract
5.1, 5.2, 5.2.1, 5.2.3, 5.2.4, 5.2.5 Various sections and subsections have been renamed.
5.2.4, 5.3, 5.3.2, 5.3.3 Updates to reflect Incoterms ® 2020
Topic 6 Pre-issuance consideration and requirements
6.1.1, 6.1.3, 6.1.4, 6.1.5, 6.3 Updates in these sections.
6.1.2, 6.2.1, 6.2.2 Pop-ups, links, or summaries of articles, sub-articles and/or paragraphs
from UCP 600 and/or ISP98 added.

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CDCS – Summary of changes 2021/22

Section Subject area

Topic 7 Issuing a documentary credit
7.1, 7.2, 7.2.1, 7.2.2, 7.4.2, Pop-ups, links, or summaries of articles, sub-articles and/or paragraphs from
7.4.4, 7.6, 7.9.1, 7.9.4, UCP 600, ISBP 745 or ISP98 added.
7.9.5,7.10.3, 7.10.6, 7.10.10,
7.11, 7.13
7.9.2, 7.10.4, 7.10.8, 7.13 Updates in these sections
Case study (Activity) Documentary credit issuance
Topic 8 Amendments from an issuing bank perspective
8.2, 8.7, 8.8 Pop-ups, links, or summaries of articles and/or sub-articles from UCP 600 added.
8.1, 8.3, 8.6, 8.8 Updates in these sections
Topic 9 Advising a documentary credit
9.1, 9.1.2 Updates in these sections
9.1.1 Pop-ups, links, or summaries of articles and/or sub-articles from UCP 600 added.
Topic 10 Confirming a documentary credit
Intro, 10.2, 10.5 Updates in these sections
10.1, 10.1.2, 10.7 Pop-ups, links, or summaries of articles and/or sub-articles from UCP 600 added.
Case study (Activity) Confirmation
Topic 11 Advising amendments to a beneficiary
11.2, 11.9 Pop-ups, links, or summaries of articles and/or sub-articles from UCP 600 added.
11.3, 11.4, 11.5, 11.6, 11.8, Updates in these sections
11.9
Case study (Activity) Second advising bank
Topic 12 Document characteristics and preparing documents
12.1, 12.2.1, 12.2.3, 12.3.2, Updates in these sections
12.3.5, 12.3.6, 12.4.8,
12.4.9, 12.4.10, 12.7.2,
12.7.3, 12.7.9
12.3.1, 12.4.1, 12.4.2, Pop-ups, links, or summaries of articles, sub-articles and/or paragraphs from
12.4.3, 12.4.4, 12.4.6, UCP 600 and/or ISBP 745 added.
12.4.7, 12.6.1
Topic 13 Examining documents
The entire topic has been updated. Please read the updated version before your exam.
Topic 14 Examining transport documents
The entire topic has been updated. Please read the updated version before your exam.
Case study (Activity) Bill of lading examination
Topic 15 Examining insurance, financial, commercial and official documents
The entire topic has been updated. Please read the updated version before your exam.
Case study (Activity) Insurance certificate examination
Case study (Activity) Invoice examination

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CDCS – Summary of changes 2021/22

Section Subject area

Topic 16 The role of the nominated bank
16.1, 16.1.1, 16.2, Pop-ups, links, or summaries of articles and/or sub-articles from UCP 600 added.
16.3 Updates in these sections
Topic 17 Honour or negotiation
17.1.1 Pop-ups, links, or summaries of articles and/or sub-articles from UCP 600 added.
17.1, 17.2.3 Updates in these sections
Case study (Activity) Honour and negotiation
Topic 18 Refusing documents
18.1, 18.3 Summaries of articles and/or sub-articles from UCP 600 added.
18.1, 18.2, 18.2.2, 18.2.3, Updates in these sections
18.4
Activity 18.1 New activity: Examination of documents, waiver of discrepancies and notice
under UCP600
Case study (Activity) Refusal notice exercise
Topic 19 Transferable documentary credits, back-to-back documentary credits and assignment of proceeds
19.1.1, 19.1.4 Pop-ups, links, or summaries of articles and/or sub-articles from UCP 600 added.
19.1, 19.1.1, 19.1.2 Updates in these sections
19.1.5 New animated video: Overview of transferable and transferred documentary
credit procedures
Case study (Activity) Transferable documentary credits
Topic 20 Selected features and conditions of documentary credits
20.1, 20.2, 20.7, 20.9, 20.10, Pop-ups, links, or summaries of articles and/or sub-articles from UCP 600, ISBP
20.11 745 or ISP98 added.
20.1, 20.1.1, 20.4.1, 20.4.2, Updates in these sections
20.5.2, 20.6, 20.8,
20.10,20.11, 20.12, 20.16,
20.17
Topic 21 Standby letters of credit
21.4.1, 21.4.2, 21.4.4, Pop-ups, links, or summaries of articles, sub-articles, or paragraphs from UCP
21.4.5, 21.4.6, 21.4.7, 600 and/or ISP98 added.
Case study (Activity) Standby letters of credit
Topic 22 Bank-to-bank reimbursements and reimbursement from multilateral development finance institutions
22.1, 22.2.1, 22.3, Pop-ups, links, or summaries of articles and/or sub-articles from UCP 600 and/or
URR 725 added.
22.1, 22.2, 22.3 Updates in these sections
Topic 23 eUCP
23.1, 23.2 Updates in these sections
Topic 24 Dispute resolution
24.2.1, 24.2.2 Updates in these sections
Topic 25 Overriding considerations
25.1.1, 25.1.2, 25.2 Updates in these sections

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