Key technical issues for Treasurers - Are you up to date with treasury matters?
As well as regular meetings with policymakers, trade bodies and industry experts, the Policy & Technical team uses its network of treasurers to make sure it is aware of key issues that treasurers should be aware of. In addition to ad hoc feedback from this network, the team also meets with an advisory panel on a quarterly basis.
So what did we hear in July 2026?
1. Business risks / resilience
• Financial markets seem less concerned with possible announcements from the UK government following a change of leadership than they were ahead of the 2025 budget the extensive trailing of which served to unsettle both FIs and corporates.
• Scenario planning hampered by the sheer number of variables and potential outcomes – also the continuous demands being placed on treasury teams to model all permutations is becoming unmanageable for many.
• No major shift in corporate hedging strategies reported though some corporates are restructuring their FX portfolios and use of options continues to increase.
• More extensive testing of payment continuity and operational resilience scenarios – business continuity planning, and testing is high on many agendas.
2. Regulatory developments
• EU EMIR – Concerns continue over proposals to remove certain exemptions for non-financial corporates - we’ve been here before but one to watch.
• MMF reform - UK and EU proposals appear to be moving towards greater alignment and encouraging signs that funds will remain practical and usable for corporates.
• WHT reforms - the ACT will respond to the HMRC consultation on simplifying treaty relief procedures; an article in the Treasurer newsletter highlight relevant aspects.
• Other topics raised included:
i. SEC consultation on semi-annual rather than quarterly reporting which can have good and bad outcomes
ii. Retail bond issuance reforms merging retail and wholesale prospectus disclosure annexes into a single lighter standard
iii. Corporate governance Provision 29 highlights risk management requirements
iv. Prompt payment regulation and supplier payment directives are back on the legislative timetable.
v. Pillar 2 changes amending tax rules on foreign branches is causing restructuring of local operations
vi. New MAR in the EU diverging from the UK and requiring relevant dual listed entities to understand the differing inside information disclosure regimes
3. Sustainability
• Green and social bond issuance remains strong in European capital markets although it is less prominent in day-to-day treasury discussions with banks and lenders.
4. Funding
• Credit spreads remain tight and some banking facilities are being extended without extension fees, reflecting competitive market conditions.
• Private capital remains readily available.
5. Cash Management
• Real time visibility - Some inconsistency remains in timing of bank reporting feeds
• ISO 20022 – November deadline for structured addresses for corporates for some payment types is not being well communicated – an article on this in the Treasurer newsletter will be coming out soon
• CHAPS opening hours extension consultation from BoE – The ACT will respond to this consultation
6. Technology
• Tokenised MMFs – there is growing interest, especially as a tool for collateral management
• AI - Treasury functions still searching for compelling use cases, now made additionally challenging as costs for the use of AI start to be incurred.
7. Talent
• Generally, there appear to be ongoing challenges with recruitment and identification of talent.
• With specific reference to AI, the ACT, in conjunction with Zanders, runs a specialised course on AI for the treasury community
Policy & Technical
August 2026
