Most importers know about the new US Import Security Policy that went into effect January 26, 2009. It requires importers and vessel operating ocean carriers to provide US Customs and Border Protection CBP with advance notification for all ocean vessel shipments inbound towards United States. The U.S. Import Security Policy is usually known as the 10+2 ISF Importer Security Filing.
The new US Import Security Policy places the burden of compliance towards new security filing on a U.S. importer. Normally most importers don’t clear their unique solutions directly with US Customs and know smaller about customs bond requirements. In many cases, customs bonds are arranged by the customs broker as soon as the importer provides a signed Power of Attorney towards customs broker authorizing them to interface with US Customs on their behalf.
The new US Import Security Policy requires an Importer Security Filing ISF bond. The bonding requirement has created confusion with smaller importers. Recently US Customs and Border Protection (CBP) issued some clarification concerning the Importer Security Filing ISF bond. Below is clarification that US Customs and Border Protection (CBP) provided:
When will the bonds, for example the stand alone ISF bonds be required? January 26, 2009 or January 26, 2010? Can we file ISFs during the delayed compliance period with out acquiring a bond first? CBP Answer: Due to the structured review and flexible enforcement period, bonds isn’t required until January 26, 2010. Therefore, ISFs could be filed during this period with out acquiring a bond first. However, CBP is prepared to accept bond information from the ISF filing commencing on January 26, 2009.
If an ISF agent allows his bond to be obligated, is he considered the ISF Importer with all the liabilities associated of the ISF filing? CBP Answer:
If an agent is submitting an ISF on behalf of another party and also the agent content articles its bond, the agent agrees to get its bond charged if you will find breaches of obligations concerning the filing. However, the ISF Importer remains ultimately liable for your complete, accurate, and timely ISF filing.
If the importer does not have a bond, can the ISF filer obligate its unique bond? CBP Answer: Yes, the filer can obligate its unique bond. See 19 CFR 149.5(b)
Will an import bond rider be required to fulfill the regulatory changes required from the ISF rule? CBP Answer: No. The Rule amends the terms and problems of the workout code A single (basic importation), Two (custodial), Three (international carrier) and 4 (foreign trade zone operator) bonds to include the obligation to meet ISF filing requirements. No rider is necessary for any of these bonds.
What may be the system of notifying CBP that a bond is definitely on file? CBP Answer: Use of single transaction stock market could be allowed on a case-by-case basis. CBP is currently in discussions with trade groups concerning the system for your use of the single transaction bond for an ISF filing.
Can one transaction bond be utilized for your ISF filing? If a broker does not have a continuous bond and also the importer does not have a continuous bond how will a bond for ISF be filed? Will CBP allow the use of the single transaction bond? If so, how will this definitely work? Will there be paperless single transaction bonds for ISF purposes? CBP Answer: Use of single transaction bonds could be allowed on a case-by-case basis. CBP is currently in discussions with trade groups concerning the system for your use of the single transaction bond for an ISF filing.
As single transaction bonds for entry need a paper submission to CBP, how will an ISF single transaction bond be matched to an electronic ISF filing? CBP Answer: Use of single transaction bonds could be allowed on a case-by-case basis. CBP is currently in discussions with trade groups concerning the system for your use of the single transaction bond for an ISF filing.
Will CBP accept one bond for your ISF filing along with a second bond for entry? Is this genuine in your continuous bond as well as Single Transaction Bonds? CBP Answer: Yes, if the ISF Importer and also the importer of record on a entry are not the same party. And that’s genuine for continuous and single transaction bonds. However, if the ISF Importer and also the Importer of Record are the same party and also the ISF and entry are submitted to CBP via the same electronic transmission (“unified filing option”), that party have to submit one bond for both ISF and entry purposes.
