Le magazine du trésorier - n°76 - 4ème trimestre 2011 - (Page 44)

NEWS MORNINGSTAR… NE SERAIT-IL PLUS MORNING “STARS” MAIS BIEN MORNING « MEDALS » ? Morning star, un fournisseur indépendant, bien connu des investisseurs pour ses analyses des fonds de placement, a décidé de modifier sa méthode d’évaluation qualitative en recourant non plus aux fameuses et célèbres étoiles dont le nombre plus élevé indiquait la qualité plus forte de l’investissement mais bien à des médailles, comme aux jeux olympiques (i.e. Or, Argent, Bronze, Neutre et Négatif – ces deux dernières médailles n’étant pas vraiment). Ces notes ont désormais remplacé les notes anciennes d’ « Elite », « Supérieur », « Standard », « Inférieur » et « Déficient », utilisées auparavant. Morningstar voudrait ainsi harmoniser et uniformiser les différentes méthologies de notation utilisées de par le monde. Les notes « Inférieur » et « Déficient » sont maintenant regroupées en une seule catégorie devenue « Négatif ». Sur le fond de l’approche méthodologique, Morningstar continuera à appliquer les recettes anciennes qui ont fait son succès et à baser ses analyses sur la capacité des fonds à mieux que ses concurrents faire face à une référence pertinente, compte tenu du risque à long terme. Il semblerait que beaucoup profitent de cette crise pour ajuster leurs manières d’informer l’investisseur ou même parfois d’évaluer les notations. Espérons que tous ces changements aillent dans le même sens : celui de plus de clareté, de plus de simplicité et de plus de pertinence. Affaire à suivre… FM EU COMMISSION WILL REGULATE CREDIT RATING AGENCIES (CRA) We are expecting that EU Commission will release its proposals and then new regulation of CRAs. At this stage, it is difficult to make valuable and detailed comments. However, we could suspect measures that should not be welcomed by corporate treasurers. ESMA could, for example, propose a harmonized rating scale to be used by CRA’s. They also think about a civil liability at Member State level for CRAs that breach regulation. ESMA also wants to improve mandatory rotation of CRAs after three years for an issuer. It eventually plans to tighten staff rotation rules that effectively prohibit a staff member for continuing beyond four years working on a same issuer for first one and then a subsequent employer. EU would like of course to ban mergers between large CRAs. EACT will keep its members informed and will actively lobby to make sure new regulation to not penalize corporates. This proposed amendment to current regulation aims at easing supervision, at enhancing controls and at simplifying registration of CRAs. EU bodies would like to further improve transparency, disclosures, independency and reliability of CRAs. They would like to reduce risk of overreliance on ratings, in their opinion, part of the problems faced during the financial crisis. Because of Sovereign debt issues, they also decided to increase disclosures of information and requirements for debt of EU states. As always, we need to make sure these valuable objectives are reached with such planned measures. If not, we should highlight it to the EU Commissioner Barnier. EACT will certainly follow closely these new proposed amendments and react accordingly. (see Regulation (EC) n°1060/2009 of EU Parliament and of Council of 16/09/09 on CRA, OJL 302, 17.11.2009 ; n°513/2011 and OJL 145, 31.05.2011) FM 44

Table des matières de la publication Le magazine du trésorier - n°76 - 4ème trimestre 2011

Sommaire
EDITORIAL - Over and over and over again
FINANCIAL HIGHLIGHTS
INTERVIEW - Jean-Louis Bertrand, Co-fondateur de METEO PROTECT
FOCUS
FORUM OF ADVERTISERS
CORPORATE FINANCE
TREASURERS' ASSOCIATIONS
NEWS

Le magazine du trésorier - n°76 - 4ème trimestre 2011

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