Noting是note的现在分词形式，note作动词，表示“注意；记录”。

Noting一词常译为“强调”“注意”“指出”，如：

Noting that some rights were given effect in New Zealand through a variety of appropriate measures, the delegation stated that this was a subject under regular review, and that it accepted these recommendations.

该代表团指出，通过各种适当措施，一些权利已在新西兰落实， 并表示，这是定期审议涉及的一个主题，它接受这些建议。

Whether that control or supervision must be actual at the time of the application for recognition, noting for example, cases where the application for recognition is made at a late stage in the proceedings, such as after approval of a reorganization plan, and the court no longer has any involvement.

在提出承认申请时是否必须有实际控制或监督，例如，注意到在有些案例中，承认申请是在程序稍后阶段提出的，如批准重组计划之后，此时法院已不再介入。

此外，noting还可以表示“鉴于”，如：

Noting that the MPFA would follow up the court judgment to ensure that the employer paid the arrears and surcharge to the MPFA, a member's suggestion that if the judgment debt was not settled before the expiry of a three-month period after the court judgment was made, the MPFA should proceed to serve a statutory demand on the defaulting employer, to be followed by a winding-up petition if the defaulting employer failed to settle the debt within three weeks after the service of the statutory demand.

鉴于积金局会跟进法庭的判决，确保有关僱主向积金局支付欠款及附加费，有委员建议， 在法庭作出判决后的3个月期满前，若该笔判定债项未获清偿，积金局应向欠款僱主送达法定要求偿债书；在送达法定要求偿债书后的3星期内，若欠款僱主未有清偿有关债项，则应向其送达清盘呈请。

题主所列举出来的句子：Noting that letters of credit had not been the subject of statutory enactment and that the law concerning them had been developed in the cases .the Comment stated that Article 5 was intended within its limited scope” to set an independent theoretical frame for the further development of letters of credit. 

句中的noting即表示“鉴于”，整句话可译为：

鉴于信用证一直未能成为制定法的对象，且调整信用证的有关法律一直是通过判例建立和发展起来的，正式评论指出，第五篇的目的是要在“有限的范围内”为信用证的进一步发展建立理论框架。