Certificate in International Trade and Finance (CITF) 2021/22

Summary of key changes for exams on, or after, 27 August 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 eURC, eUCP and Incoterms® 2020 were published in the November 2019 Important Updates document.

Section Subject area

Topic 1 Setting the scene
1.1.3 New content introduced on reshoring as a form of reverse globalisation. Dependencies on international supply chains explored further.
1.1.4 Content removed on sustainability and sustainable trade. A new non-examinable topic on sustainability and sustainable trade has been introduced
(see Topic 16).
1.6 This section has been expanded to explore the contrasting impact of different global crises on world trade.
Statistics on global economic growth and international trade have been updated.
1.6.1 New subsection created on the positive impact of the 2007–08 global financial crisis on export-led growth.
1.6.2 New subsection created on the impact of compliance and capital requirements on world trade. Examples have been added on international
regulatory requirements.
1.6.3 New subsection created on the devastating impact of Covid-19 on the global economy and international trade. Reports highlighting optimism amid
the downturn have also been mentioned.
1.7 Factfind panels updated with links to the latest information on trade agreements.
1.8 Content added on the rise in barriers to free trade, such as trade tensions between the US and China.
Topic 2 The international trade environment
2.2, 2.2.1,2.2.2, 2.2.3 Factfind panels updated with new external resources.
Topic 3 Parties and their roles
3.4 Minor updates on the Incoterms® rules that are relevant to marine cargo insurance.
3.7.1 Updated list of services provided by banks: documentary credits, standby letters of credit and documentary collections are now included.
3.8.1 Updated statistics on SWIFT financial messages.
3.8.4 Updated information on IBAN usage.
Topic 4 Contracts

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CITF – Summary of changes 2021/22

4.4.1, 4.5.1 Factfind panels updated with new external resources.

Topic 5 Trade-based financial crime
5.1 Updated chart showing estimated global trade flows up to 2028.
5.2 Updated information on human trafficking and illegal drugs.
5.2.5 Additional information on sanctions related to terrorist financing. New resources added to Factfind panel.
5.2.7, 5.3 Factfind panel updated with new external resources.
5.4.2 Updated table of Financial Action Task Force members.
5.5.1 Updated information on the sound management of risks related to money laundering and the financing of terrorism from the Basel Committee on
Banking Supervision.
5.5.6 Factfind panels updated with new external resources.
Topic 6 Documents used in international trade and the Incoterms® 2020 rules
6.1 Advice to students re: keeping abreast of developments related to the UK’s position with respect to the EU customs union. As this situation was
constantly changing at the time of writing, students will not be examined on it.
6.2 Updated information on US trade restrictions added.
6.8 Updated statistics from the ICC on piracy and armed robbery.
6.9.1 New information added on Incoterms® 2020.
6.9.2 – 6.9.13 Example updated based on changes introduced in Incoterms® 2020.
Topic 8 Documentary collections
8.12 New content on eURC.
Topic 9 Documentary credits
9.13 New content on eUCP.
Topic 10 Guarantees and standby letters of credit
10.14 New section added with introductory information on International Standard Demand Guarantee Practice.
Topic 11 Supply chain finance
11.1 Factfind panels updated with new external resources.
11.6 New information added on e-bills of lading and other electronic documents.
Topic 12 Other forms of finance

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CITF – Summary of changes 2021/22

12.7 Factfind panel updated with links to the latest information on Islamic finance.
Topic 14 Foreign exchange risk management
14.1.1 Updated information on the size of foreign exchange markets, dominant trading centres and currencies.
Topic 15 Digital disruption and innovation
15.1 New information on machine-readable formats.
15.2 New section added on the accelerated pace of digital transformation during Covid-19.
15.4 Additional information on the characteristics of big data. A fifth ‘V’ for ‘value’ has been added.
15.5 Minor updates on zero-knowledge techniques, consensus mechanisms and smart contracts.
15.5.1, Activity 15.1 Updated information on trade finance consortia and the related underlying technology utilised.
15.5.3 New information added on the Digital Standards Initiative, which aims to facilitate convergence of various industry systems and applicable legal
frameworks.
15.7 Further information on the application of artificial intelligence and machine learning in compliance. New content on optical character recognition.
15.12 Updated information on the termination of SWIFT’s centralised matching engine, the Trade Services Utility.
15.13 New content on various ICC developments in digitalisation such as the Uniform Rules for Digital Trade Transactions.
15.14 Factfind panels updated with new external resources.
Non-examinable – Topic 16 Sustainability in trade finance
This is a new topic introducing you to key concepts and developments in sustainability and sustainable trade finance. Core initiatives by the ICC working group on sustainable
trade finance are explored along with collaborative efforts by key industry players, such as the International Finance Corporation, the International Trade Centre and major
multilateral development banks. Please note that content from this topic is not included in the exam.

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