Technical Guidance and Comment

For more technical updates, guidance and briefing notes, policy submissions and responses see our technical database.

• Technical database

Industry Survey

Credit crisis and the corporate - an ACT report of the findings from a series of in-depth qualitative interviews with over 40 corporate treasurers from non-financial companies within the UK’s top 350 quoted businesses which assesses the financial impact of the recent turmoil in the banking sector on industry.

Policy & Technical Committee

The manifesto explains the aims and scope of the ACT’s technical work and the general stance that will be taken by the ACT in formulating and publishing any official views on technical matters.

The work of the policy & technical officers is guided and assisted by the Policy & Technical Committee. Current members of the committee are:

• Mohammed Amin
• Rupert Beaumont
• Tim Boxell, Slaughter and May
• Sarah-Jane Chilver-Stainer, GlaxoSmithKline
• Alistair Clark, Tesco
• Judith Harris-Jones
• Tim Hayter, Bunzl
• Edward Hoefling, Innovation Consultancy Services
• Michael Nicholson, National Air Traffic Services
• Stephen Pugh (Chair), Adnams
• Alison Stevens, National Grid
• Martyn Smith, Dyson
• Yann Umbricht, PricewaterhouseCoopers
• Stanislav Varkalov, Lloyds TSB
• Brian Welch, Valspar Europe

Manifesto

• View the manifesto here

Briefing notes and best practice

• Transfer pricing and treasury operations - EACT/ACT guidance note
  The rules and practices around transfer pricing are explained in this guide, written jointly be the major treasury associations in Europe.
• Investing liquid funds – ACT briefing notes
  Two briefing notes which encapsulate the longstanding education material of the ACT and the practical approach of professional treasurers in relation to the risk in investing a company’s liquid funds.
• Best practice proposals on cashflow reporting from CRUF
  The ACT fully endorses the proposals for improved cashflow reporting from The Corporate Reporting Users’ Forum.
• Credit Default Swap based loan pricing
  A short note suggesting some points for treasurers to consider before contemplating such a basis for loan pricing.
• Contingency planning for a downturn
  A treasurer’s checklist to aid your planning in how to cope with a downturn in the economy or sustained lack of liquidity in financial markets and the effects on your company.
• UK Faster Payments Service
  A short description of the Faster Payments Service starting in May 2008 and consideration of the implications for treasurers.
• Share issuance, treasury shares and pre-emption
  A brief summary of some of the key legal and regulatory rules around treasury shares and pre-emption together with links to more detailed papers.
• LMA Loan Documentation
  ACT Guide to the Loan Market Association Documentation for Borrowers.
• Syndicated Loan Facilities
  Part 1 of this note focuses on non-bank Lenders, and the techniques available to Borrowers wishing to control and manage their syndicate membership. Part 2 focuses on the influence of credit derivatives on syndicated loans.
• Letters of Comfort - a practical guide
  A briefing note dealing with all the issues to be considered when issuing a letter of comfort, including their legal status.
• Market Abuse Directive
  A guide for listed companies.
• MiFID (Markets in Financial Instruments Directive) for corporate treasurers
  An ACT briefing note explaining the key elements of MiFID that are applicable to regulated financial firms and hence how the treasury operations of their customers will be affected.
• Guide to the Securities Lending Markets
  A guide describing securities lending markets.
• Code of Standard Practices for Participants in the Credit Rating Process.
  The ACT, AFP and AFTE, with the support of the international grouping of national treasury associations, issued an exposure draft of a ratings industry code of practice.
• The Treasurer's Guide to Investing Corporate Cash
  This guide, which has been produced by HSBC Investments in collaboration with the ACT, is aimed at treasurers with responsibility for investing the cash of complex, multinational groups.

Technical help

• Technical queries service
  The ACT offers a free service which can help you with technical queries you may have. You will have to be registered and logged on to the website to access this service.
• Treasury Services Directory
  Need to find a partner or service supplier for a treasury product? Try our directory, currently listing over 400 businesses which offer services to the profession.
• Treasury Forum
  Read the Treasury Forum for up-to-date news and commentary on the issues affecting the world of treasury