Trésorier/Treasurer magazine - n°81 - 2ème trimestre 2013 - (Page 54)
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CORPORATE FINANCE
New World Treasury:
Riding the Wave of Regulation
LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE
—
N°81
— APR / MAY / JUNE
2013
New standards will challenge treasury and accounting professionals in 2013. However,
treasurers that stay ahead of changing regulatory requirements will not only ensure
compliance, but also bring their organization’s processes and system technologies
to the next level of treasury management.
54
Regulatory bodies around the world
are hard at work writing new rules
for finance and accounting. Some of
these rules are set to make the treasurer’s life even more complicated than
it already is. Still, many will bring
standardization and transparency,
helping to eliminate market barriers
and mitigate risk.
Whether or not treasurers are fans of
regulatory change, they are required
to comply, and with many of the
new rules that already have become
effective and with those that are on
the treasurer’s doorstep, 2013 is sure
to keep finance professionals throughout Europe extremely busy.
First, the new definition of fair value
under accounting standard IFRS 13
Fair Value Measurement became effective on 1st January 2013. This standard significantly impacts corporate
treasuries as it leads to greater income
statement volatility and, potentially,
to increased hedge ineffectiveness.
The need to incorporate credit risk,
either your own or your counterparty’s, has far reaching consequences
from a system and operational perspective.
SEPA regulation will enable growth
through easier access to new markets,
reduce float and payment fees, and
harmonize file formats and payment
instruments, but many treasurers
are waiting until the last moment to
start their implementation projects.
The deadline for SEPA migration on 1st
of February 2014, is rapidly approaching, putting pressure on project
managers to adapt their existing
payment processes and structures on
a very tight schedule according to the
regulatory requirements. Failing to
act immediately could mean lack of
available support from consultants to
bring in external expertise and provide assistance in the project delivery.
with the latest regulations, innovative
treasurers have developed strategies
to take advantage of the ongoing
change. These treasurers are seeing
regulatory projects as an opportunity to build expertise, streamline
processes and leverage new technologies. They are not only able to assure
compliance in the short term, but
also to transform corporate treasury
to a financial nerve center, actively
contributing to strategic goals and
business growth in the long run.
Thoughtful treasurers have been able
to adapt to regulatory change by
doing the following:
Furthermore, a series of new rules
from the European Market Infrastructure Regulation (EMIR) and its US
counterpart, the Dodd-Frank Wall
Street Reform and Consumer Protection Act, will fundamentally affect
the structure of the over-the-counter
(OTC) derivatives markets. These regulations and more will alter the day
to day life of treasurers.
1. Stay informed on new regulations
Aside from using the regulatory
bodies´ official sources, treasury publications and platforms provide valid
information sources. Additionally,
treasurers exchange information with
peers and strategic partners such as
associations, auditors, consultants,
banks and system providers to keep
up-to-date on local, regional and
international topics.
Although many finance executives are
heavily challenged to keep up to date
2. Understand the new requirements
Collecting information is only the first
Table des matières de la publication Trésorier/Treasurer magazine - n°81 - 2ème trimestre 2013
Couverture
EDITORIAL
SOMMAIRE
FINANCIAL HIGHLIGHTS
INTERVIEW - Patrick Siméon and Ibra Wane, Amundi
FOCUS
FORUM OF ADVERTISERS
CORPORATE FINANCE
15 MINUTES WITH - Jörg Wiemer -Treasury Intelligence Solutions - TIS
NEWS
The Financial Risk Observatory
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