Addressing the UK’s impending exit from the EU

With the 29 March deadline fast approaching, here’s an update of Brexit activities the Policy & Technical team have been involved in. The Q&As undertaken with the CBI and with support from the FCA and other key organisations (such as ICMA) have been updated to reflect the latest position on key issues such as contract continuity, SEPA access and the rules for financial institutions that do not apply to join the UK’s Temporary Permissions Regime. Our ongoing Brexit readiness poll remains open and we request members to continue to update it with their latest position. Over the last few weeks

Operational Resilience – building a resilient treasury function

‘Operational Resilience’ is the subject of an important new Discussion Paper (DP1/18) issued by the Bank of England and Financial Conduct Authority, but which has important implications for treasurers of all types of businesses that are subject to, and need to manage, operational risk. Some background and guidance is set out below. Over the years since the financial crisis, a number of high-profile operational failures and cyber-attacks have led the Bank to believe that firms were operationally under-prepared for scenarios that could affect their ability to deliver vital business services. The authorities are concerned that operational risks could threaten not

Latest developments in EMIR Reporting – light at the end of the tunnel for corporates

Following the early February political sign-off by Parliament and Council negotiators in trialogue of the EMIR Refit agreement that was struck before Christmas between the Council and rapporteur Langen, we wanted to share with you the latest technical drafting that has emerged. In particular on the core issues for corporates: Reporting of intragroup transactions – there will be a full exemption from the reporting obligation for intragroup transactions (on a global scale), as long as one of the two entities is an NFC and so long as the parent undertaking is an NFC. Reporting of external transactions – there will

The inherent value in finding the right treasury management system

This article was written by Mark Lewis, Corporate Treasury Markets Specialist at Bloomberg. In increasingly complex markets, corporate treasurers need to manage their time more strategically by simplifying processes and using more efficient and automated solutions. Treasury management systems (TMS) are valuable tools for treasurers to achieve such results, providing significant cash visibility and financial controls in order to mitigate risk. Aggregated vendor solutions, patchwork integrations and cost inefficiencies are all major concerns when it comes to procuring a new system. It’s a big investment in time and resources, and the wrong choice may cause treasury workflows to be even

ISO 20022

The UK payments industry is moving to a global standard commonly referred to as ISO 20022. This standard will create a common language for payments data across the globe. It is hoped that standardised and more data rich payment information will deliver significant long-term benefits to companies, government and citizens. THE CONSULTATION PAPER The Bank of England, PAY.UK and the Payments Systems Regulator (authors) issued a consultation paper in June 2018. The purpose was to look at the impact of introducing a Common UK Credit Message (CCM) that would harmonise messaging across CHAPS, Faster Payments and Bacs based on ISO

Blockchain – Definition and context for a treasurer

Members unify with the need to address blockchain. Several of the presenters at our recent ACT Working Capital Conference referred to or were presenting software solutions which used blockchain. The ACT have written on blockchain in The Treasurer last year, and until recently our Wiki definition was drawn from a 2017 article. Member questions revealed a need to get back to basics on the subject: both to redefine blockchain (asked 11 times in one session) and to understand why treasurers may want to know how it works (10 times in the same session). Blockchain was presented as a means of enabling


Every organisation, large or small, faces the risk of something going badly wrong and harming others and the organisation itself. Getting whistleblowing right saves time, money and resources. Larger, multi-national organisations tend to recognise the benefits of well promoted whistleblowing arrangements, but their effectiveness has, until now, been harder to prove. What is whistleblowing? Someone blows the whistle when they tell their employer, a regulator, customers, the police or the media about wrongdoing, risk or malpractice that they are aware of through their work. It can inform those who need to know about health and safety risks, potential environmental problems,

LIBOR Transition – Summer Reading (and some actions)

The transition away from LIBOR is picking up pace with a number of important publications being published over the past week or so, just in time for us to take them to the beach – or the back garden, which is probably warmer in the UK right now… These publications will no doubt be shared widely in the coming weeks but, as many of you have expressed an interest, we (with thanks to our colleagues at the LMA) have attempted to provide a summary of the key publications below. Please do read them and respond where appropriate. LIBOR transition is