Introduction to the CSGP
This introduction provides an overview of the Certified Standby and Guarantee Professional Certification Programme. This program has been developed to enhance your knowledge and skills and to assist you in qualifying for the prestigious Standby and Demand Guarantee Professional Certification. Good luck to you.
The Certified Standby and Guarantee Professional Certification Program confers a professional certification from the Institute of International Banking Law & Practice upon successful completion. The IIBLP has been the leading authority in the field for more than 20 years.
The CSGP programme is overseen by the Council on International Standby Practices to assure its integrity and accuracy.
The Institute of International Banking Law and Practice(The IIBLP) is a nonprofit educational organization dedicated to the harmonization of law and practice in the field of independent undertakings. Since 1987, the Institute has trained thousands of LC professionals, regularly publishes highly regarded treatises on banking law and practice including The Official Commentary on ISP98and The Analytical Commentary on UCP600. It also has worked closely with SWIFT regarding MT760 (Guarantee/Standby Letter of Credit) messages, ISO 20022 XML messages, and the MT760 revisions. The Institute’s Annual Survey of Letter of Credit Law and Practice has provided a venue for leading figures of the letter of credit field throughout the world to exchange views for more than 20 years. Its monthly journal, Documentary Credit World, is a leading source of analysis and information. Further information about the Institute and its products and services is available at the website www.iiblp.org.
Standby & Guarantee Expertise. In particular, the Institute has specialized in the law and practice related to standby letters of credit and independent demand guarantees. It has worked with the UN Commission on International Trade Law (UNCITRAL) to promote its Convention on Independent Guarantees and Standby Letters of Credit, has worked with regulators and other organizations to draft laws and regulations, has drafted the International Standby Practices (ISP98), and the ISP98 Model Forms. The Institute also conducts annual Forums on Guarantee and Standby Letter of Credit Practice in the major regions of the world. The Institute together with its Associates and Fellows is the repository of the most comprehensive knowledge of standby and demand guarantee practice in the world.
The Certification Program
Course. The course is separated into six substantive parts, each representing major categories in standby and guarantee law and practice.
Review Questions and Answers. Throughout each Part, there are review questions to test thecandidate’s retention of the material. Answer explanations are provided so that the candidate can compare the response to the correct answer.
Review Examinations. At the end of each Part, there are questions designed to replicate the format of the CSGP examination.
Examination. After completing this course, the candidate should be prepared to take the CSGP Examination.
The course consists of the following six Parts:
Part I (Independent Undertakings) introduces the types and characteristics of independent undertakings as well as the laws and rules that govern them.
Part II (Obligations) covers such topics as issuance, advice, nomination, amendment, expiry and counter undertakings.
Part III (Presentation) instructs as to what constitutes a presentation, timing, partial presentations, multiple presentations, and extend or pay demands.
Part IV (Examination and Compliance) addresses extraneous and inconsistent documents, language, identification of the undertaking, originals and copies, and nondocumentary conditions.
Part V (Honour & Dishonour) covers the topics named in its title as well as reimbursement and preclusion.
Part VI (Miscellaneous Issues) includes transfer and assignment, letter of credit fraud and abuse, protected persons, syndication and participation, as well as choice of law and jurisdiction.
Features of the Course
This course is available exclusively online.As such, an internet connection is required.
The various Parts of the course must be taken in order the first time, as each Part is a prerequisite to the next. However, once the candidate has proceeded through a Part, that Part and any previously undertaken Part may be reviewed in any order and as many times as the candidate may choose. Furthermore, the candidate may stop at any point and later resume at the same point, enabling the candidate to study at a comfortable pace.
Review Questions & Answers
Each Part contains several sets of Review Questions designed to test your comprehension of the material covered. Model answers are provided, and you can return to the material at any time if you feel that your answer is inadequate.
At the end of each Part, there is a Review Examination designed to simulate the Certification Examination. In order to mirror the format of the Certification Examination, the Review Examinations have multiple choice as well as short answer questions. As for the Review Examination questions, there will be model answers and explanations. Whenever you are uncertain of an answer, you can return to the instructional material for clarification.
Scheduling the Examination. The CSGP Examination is also exclusively online, administered through our partner TesTrac, an online examination service. This means that candidates may schedule the exam at any time. No test facility or special proctor is necessary as the exam platform enables virtual proctoring by an online proctoring service B Virtual. For security reasons, all candidates taking the exam must have computers with internet access and video cameras to allow for the online proctoring.
The Test. The examination will consist of questions in various formats, primarily multiple choice and essay questions, that are designed to assess the candidate’s knowledge and ability to apply material to practical situations and assures the examiner of the professional capability of the candidate.
*The IIBLP and its examiners have retained the discretion to determine whether the candidate has the requisite knowledge and understanding to be certified, and may require an oral interview to do so.
Supplement: The Texts
Texts: It is essential that a candidate study the texts of the various rules so as to interiorize them. A standby or demand guarantee professional must be on intimate terms with the rules. More, of course, is required, namely an understanding of their meaning and application. But the starting point is the text of the rules themselves.
Rules & Laws: A candidate can use his or her copy of the three practice rules, URDG 758, ISP98, and UCP600, or purchase at a discounted price for CSGP candidates the current issue of LC Rules & Laws: Critical Texts for Independent Undertakings together with Standby and Demand Guarantee Practice Rules: Understanding UCP600, ISP98, and URDG 758, a 200-page treatise that supplements the CSGP course of study, thereby enhancing your experience learning the three major practice rules. To receive a discount on this volume, speak with your onboarding advisor at IIBLP upon beginning your CSGP learning.
How to Use it: LC Rules & Laws combines all the applicable practice rules and laws so that they are at your disposal.
Objectives of the CSGP Course and Certification
- Demonstrate Mastery
- Understanding and not rote memorization
- The reasons for the rules
- Comparison between the rules
- Practical implications for issuance and examination
- True Professional
Objectives. The objectives of the CSGP course are to familiarize the candidate with both the practical and legal characteristics of independent undertakings, to understand the various types of independent undertakings, and to understand how the various practice rules operate and their differences.
Challenge for Modern Standby and Guarantee Practice. The existence of three different practice rules poses a serious challenge for banks. No international bank can refuse to issue an undertaking subject to each of the rules. The differences between the rules, however, pose serious operational risks for a bank with respect to every aspect of the process. It is, therefore, essential that a standby or demand guarantee professional understand the differences and what is required under each practice rule.
Certification. CSGP certification signals true professional mastery of the field and ability to work with all three practice rules.