Editorial After the relative lull of the summer, most of us have had a busy September and this looks likely to continue until the other major shutdown of the year, Christmas (do I get the ‘earliest
ACT representatives on the Bank of England’s Financial Markets Committees have urged corporate treasurers to ensure they are familiar with new arrangements for trading electronic money market (MM) instruments.
From mid September 2003, dematerialised MM instruments to be known as "eligible debt securities" (EDSs) will be available in the UK markets. EDSs will be issued in electronic form, with title to them being recorded in an electronic register. Settlement will be via the CREST system.
This paper seeks views from interested parties on our proposal to amend the Financial Services and Markets Act 2000 (Regulated Activities) Order 20012 (“Regulated Activities Order”) to take account of the new regulatory regime allowing treasury shares and the impact on companies which may, as a result, be engaging in regulated activity.
Welcome to this special European edition of The Treasurer This is a new (ad)venture for us – the idea is not only to cover our usual broad range of topics but to examine all of them from the pers
Sustainable growth and economic stability are built on the platform of a thriving business sector. For that we need a modern tax system that underpins business competitiveness and raises revenues in a manner that best supports commercial decisions that businesses have to take on investment, on jobs and on legal and operating structures.
These two key points are made in the Association of Corporate Treasurers comments on the HM Treasury and Inland Revenue consultation on Corporation Tax Reform (August 2003).
Move to IAS means it is not appropriate for tax to be more aligned with accounts
Smaller companies, particularly start-up companies, need protection in leasing taxation changes
Ratings agency consultation elicits strong views from corporate treasurers
Increased competition amongst credit rating providers, and some limited regulation, are essential to protect the interests of issuers and users alike, according to ACT comments on the recent US Securities and Exchange Commission (SEC) concept release on the role and function of credit rating agencies.
As part of the Commission's review of the role of credit rating agencies in the operation of the securities markets, the Commission is seeking comment on various issues relating to credit rating agencies, including whether credit ratings should continue to be used for regulatory purposes under the federal securities laws, and, if so, the process of determining whose credit ratings should be used, and the level of oversight to apply to such credit rating agencies.
SEC issues Concept Release on role and function of credit rating agencies
The US Securities and Exchange Commission (SEC) has now published its concept release on the role and function of credit rating agencies.
The release, which was published on 4 June 2003, comes in response to a requirement in the Sarbanes-Oxley Act 2002 and follows on from the Interim Report issued earlier this year. It seeks comments from market-users on a number of issues including:
