ACT | Recently updated

Currency Risk Management

Thu, 25 Feb 2010 09:45:07 +0000

ACT Winter Paper - Paul Fisher presentation

Thu, 18 Feb 2010 00:00:00 +0000

HM Treasury discussion paper on non-bank lending - ACT response

Wed, 17 Feb 2010 14:38:14 +0000

HM Treasury's paper promotes discussion on non-bank lending channels for companies and seeks to gather information, particularly exploring:

potential barriers to the use of non-bank lending channels by large and upper mid-sized firms;
the scope for reducing these barriers so as to facilitate a more diversified funding base; and
whether there are ways for non-bank investors to invest more effectively in corporate debt.

The ACT welcomes the Treasury's initiative and discusses a multitude of small steps which would help promote the availability of debt capital to firms. Many of the obstacles to greater use of non-bank finance are, however, in habitual behaviours and patterns of thinking and often education and development of standards will be more helpful than extensive legislative programmes.

More generally, we think that many of the issues raised for large and upper mid-sized firms will have application in respect of smaller firms, but a lot of additional considerations arise in respect of that sector which needs separate consideration.

A Guide To The Loan Market Association Documentation For Investment-Grade Borrowers

Mon, 01 Feb 2010 00:00:00 +0000

This Guide explains the LMA investment grade loan facility documentation with particular emphasis on the advantages and disadvantages for borrowers and points for negotiation.

It is a substantive update of previous versions of the Guide and includes new material on a range of topics as well as consolidating all the previous periodic updates.

The Guide has been produced by the ACT with assistance and sponsorship from Slaughter and May (www.slaughterandmay.com). It is in three parts:

Part I is an overview including the amendments made to the investment grade agreements in 2009 and the market conditions provisions of 2009
Part II is a commentary on the provisions of the Agreement.
Part III covers some of the LMA ancillary documentation, including the Confidentiality Letters.

Further information on arranging and negotiating loans and a specific guide to the LMA loan documentation for leveraged transactions are available in our loan documentation area

ACT evidence to House of Lords EU Committee

Fri, 29 Jan 2010 00:00:00 +0000

ACT joins Europe-wide concerns over OTC derivative reforms

Wed, 06 Jan 2010 00:00:00 +0000

Leading European companies unite against proposed derivatives regulation

Wed, 06 Jan 2010 00:00:00 +0000

Risk Management

Tue, 22 Dec 2009 10:13:08 +0000

Bank of England consultation on sale of corporate bonds from APF - ACT response

Wed, 16 Dec 2009 00:00:00 +0000

Bank of England Asset Purchase Facility (APF) - Corporate Bond Secondary Market Scheme

The ACT has welcomed the Bank's proposal to introduce the possibility of its selling corporate bonds it has bought back into the market as part of its support to the liquidity of corporate bond markets.

ACT/Mercer pension financial risk survey

Fri, 27 Nov 2009 10:28:15 +0000