Le magazine du trésorier - n°69 - 1er trimestre 2010 - (Page 31)

More than 160 non-financial companies based in Europe (such as BAE Systems,Air France and Daimler) have signed a letter(1) to the Commissioners of the European Union to urge reconsideration of the proposals being drafted to regulate the derivatives market. The letter has been prepared by the European Association of Corporate Treasurers (EACT), which is a grouping of 20 national associations representing treasury and finance professionals from 19 countries in Europe. Non-financial companies are well established as end-users of Over the Counter (OTC) derivatives to mitigate risks (such as in currencies, interest rates and commodities) arising routinely in their business. These companies were not involved in the extreme stress and systemic risk experienced in the financial sector, in response to which legislators on both sides of the Atlantic are rightly seeking to introduce a robust regulatory framework. The EACT and end-users are concerned at the unintended consequences of the European Commission’s proposals, which as published(2) may threaten economic recovery by draining companies’ liquidity into mandatory collateralisation of contracts, reducing the amount of hedging (thereby increasing business risk) and raising costs for those prudently hedging their risks. The European Commission is evaluating its approach and preparing for an impact assessment. The EACT and endusers are encouraging consideration of how the existing, mature use of OTC derivatives can be maintained, most likely through some form of explicit recognition that the regulatory proposals are not intended to extend to nonfinancial companies. The EACT is committed to supporting the European Commission’s efforts. Richard Raeburn, Chairman of the European Association of Corporate Treasurers, said: “Major non-financial companies use OTC derivatives as a safe and prudent way to manage risk. The extent of concern across Europe over the current proposals is reflected in the number and range of companies that were keen to add their names to our letter to the European Union.” “I welcome the signs that the European Commission recognises the depth of this concern and is keen to enter into a constructive dialogue with the EACT and individual companies to fully understand the issues we are highlighting”. (1) : Letter and names of the companies are available on www.eact.eu (2) : COM(2009) 563 final, 20 October 2009 – available at http://ec.europa.eu/internal_market/financial-markets/derivatives/index_en.htm TREASURERS’ ASSOCIATIONS 31 Leading European companies unite against proposed derivatives regulation http://www.eact.eu http://ec.europa.eu/internal_market/financial-markets/derivatives/index_en.htm

Table des matières de la publication Le magazine du trésorier - n°69 - 1er trimestre 2010

Couverture
Sommaire
EDITORIAL
- Mesures et contre-mesures, jusqu'où aller sans aller trop loin ?
FINANCIAL HIGHLIGHTS
INTERVIEW
- Tachfine Bekkari, Directeur trésorerie, ALD Automotive
FOCUS
- Les entreprises seront-elles les victimes collatérales de la régulation de la finance ?
- Overhaul of IAS 39: revolution or simplification ?
- Treasury management in Latin America: still as complex as that?
FORUM OF ADVERTISERS
- Les anciens employés mécontents, un risque croissant pour la sécurité des systèmes d’information
- Above E-invoicing
- 15 minutes with… The Corporate Funding Association Project
TREASURERS' ASSOCIATIONS
- 13th IGTA meeting Paris - November 2009
- Leading European companies unite against proposed derivatives regulation
- Formation Chambre de Commerce de Luxembourg
NEWS

Le magazine du trésorier - n°69 - 1er trimestre 2010