Trésorier magazine - n°77 - 1er trimestre 2012 - (Page 50)

END DATE FOR SEPA SET FOR 1ST FEBRUARY 2014 NEWS On Saint Valentin’s date, the European Parliament (eventually) agreed the SEPA end-date.Yesss…! It makes legally binding for banks to offer SEPA payment processes for early February 2014 (roughly two years). “Cross-border bank transfers should become faster, cheaper and safer for EU citizens thanks to “Single European Payment Area” legislation passed by Parliament on Tuesday. EUwide rules to ensure that banks compete fairly, eliminate hidden national charges, and accelerate transfers could save up to EUR 123 billion within 6 years, benefitting clients, banks and businesses” (extract from Parliament’s press release). Parliament’s negotiators insisted on the single deadline for all EURO credit and debit payments to make the switch to new system easier to understand for EU citizens and corporations. These rules will ensure that EURO credit transfers or direct debits that are possible within SEPA countries are also possible across frontiers between them. A final remark, the new legislation was adopted in the first reading with 635 votes in favor, 17 against and 31 abstentions. FM EU COMMISSION WOULD LIKE TO AMEND RATING AGENCY REGULATION: DOING BETTER OR WORSE In their draft published end of 2011, the EU Commission has made several proposals in order to amend the rules related to rating agencies. Certain measures proposed makes sense, like the equal importance and treatment given to actions on rating “outlooks”, incentives given to market participants to conduct their own analyses rather than simply rely on the three major rating agencies, requirement of greater transparency on invoicing or removal from any regulation of references to credit ratings. However, corporate treasury associations and EACT do believe some of the other suggested provisions are not acceptable. For example, the EU Commission proposes to have a compulsory rotation of rating agencies every three or six years, depending on number of ratings obtained (one or two). The EU had already incorporated such a rotation in its regulation for credit analysts. We do not think it helps for rating agencies themselves. And for those companies which are already rated by the three main agencies, we do not know how to proceed.The provision on methodology review by ESMA is not good either as it removes the independency of agencies. It is worth imposing transparency on methodologies used but not useful in our opinion to force the method by pre-approving them at EU level. Furthermore, they should apply similar methodologies across the world in order to remain consistent and make ratings comparable with peers. Eventually, the civil liability of rating agencies should be considered with great care.The obvious risk would be to have rating fees significant increases because of insurance premium paid by them.The rating agencies are not there to replicate auditors’ role and work. These few above listed issues could make ratings more expensive, rating processes longer and more detailed to give better confidence to agencies and finally increase workload for issuers, notably with rotation mechanism proposed. The corporate treasury associations and EACT are lobbying and following this hot topic to defend treasurers’ position and interests. FM VOUS ÊTES-VOUS DÉJÀ DEMANDÉ D’OÙ VENAIT LE MOT “DRACONIEN”? Lorsque l’on qualifie quelque chose de draconien, tel un régime, une loi par exemple, on fait référence à une approche stricte, sévère et dure. C’est exactement ce qui est imposé aux Grecs en ce moment. Les mesures d’austérité, certes inévitables et nécessaires, n’en sont pas moins « draconiennes ». Lorsque l’on pense que ce pauvre Dracon, législateur Athénien appartenant à la classe des Eupatrides (les « bien nés ») rédigea nombre de lois en -621 avant JC. Ce furent les premières lois de la Cité. La loi était désormais écrite. Ce Corpus de lois se distinguait par sa sévérité. Démadès dit d’elles que ces lois furent écrites avec du sang et non de l’encre. De cette sévérité, nous avons tiré le terme « draconien ». Ces lois de Dracon furent abandonnées en -594 lorsque Solon rédigea les siennes. On le considère comme un des pères de la démocratie. Voulant lutter contre la crise économique et sociale (nous n’inventons rien), il voulut remédier aux conflits dans la Cité. L’esclavage pour dettes réduisait fortement le nombre d’hommes libres et alimentait les conflits.Ainsi, il abolit l’esclavage pour dettes et affranchit ceux qui étaient tombés dans l’esclavage pour cette raison. Il fit pour cela une réduction des dettes privées et publiques. Les 50

Table des matières de la publication Trésorier magazine - n°77 - 1er trimestre 2012

Sommaire
EDITORIAL - 10ème anniversaire de l'EACT
FINANCIAL HIGHLIGHTS
INTERVIEW - Oleg Williamson, Treasury Manager EMEA of Parker Hannifin
FOCUS
FORUM OF ADVERTISERS
CORPORATE FINANCE
TREASURERS' ASSOCIATIONS
NEWS

Trésorier magazine - n°77 - 1er trimestre 2012