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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

Deals of the Year Awards – celebrating treasury success

Phoenix Group, the specialist consolidator of heritage life assurance funds, was declared the overall winner at the 2018 ACT Deals of the Year Awards, held on Thursday 7 February, for its £2.9bn acquisition of Standard Life Assurance Limited (SLAL). The Awards were held at London’s Banking Hall, with an audience of over 150 senior treasurers and treasury specialists. Caroline Stockmann, ACT chief executive, and Scott Barton, managing director, large corporates at Lloyds Banking Group, welcomed guests to the annual ceremony. Senior treasury and finance professionals from corporates internationally had come together to celebrate excellence in the treasury profession at the

Partnering around the world

The last couple of weeks have stood out for me in terms of our strong partnerships around the world.  From the GTR event in Dubai where we ‘host’ a corporate treasury afternoon, to a breakfast supported by ADIB looking at Islamic banking, to member events in Hong Kong and Singapore hosted by PwC and Deloitte respectively.  And it didn’t end there. It was great to see some other old friends again – the ACT Singapore joining our member event, meeting with the IACCT in Hong Kong to talk about our future continuing collaboration, and running a seminar on strategic influencing

Connecting cash in a digital world – conference roundup

The ACT Cash Management Conference was back and packed more talks, discussions and detail in a focused new 1-day format. From regulation and cybersecurity to corporate case studies and liquidity management, the day featured it all, including the one topic that unsurprisingly kept being mentioned: Brexit. Opening the day was Barclays’ Global Head of Transaction Banking, Karen Braithwaite, who began the event with a look at the evolution of cash management including recent developments. Sky’s Assistant Treasurer joined rating agencies, Fitch Ratings and S&P Global Ratings, and Chrysoula Zervoukadis of Edison Investment Research, for a discussion moderated by Barclays’ David

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

Taking the temperature of trade

It’s been my good fortune over the past 4 years to represent the Association of Corporate Treasurers (ACT) at the GTR MENA conference, held in the familiar surroundings of Dubai. It’s an excellent opportunity to take the temperature of trade, not just in the Gulf region, but from a wider global position. The ACT stake in the event is to offer trade finance professionals a dedicated treasury workshop which this year focused on Islamic finance, cash and liquidity challenges and how treasurers manage technology in treasury and across their organisations. Shout-outs then to treasurers from OneFoods, GE, Webcor, National Oilwell

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


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