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Transparency on Bond Pricing marketwatch TECHNICAL UPDATE IN BRIEF While some might suggest that 4Concerns over section 75 statutory INTRODUCTION moving the action from the floor pension debt were eased when the By Peter Matza of the House of Commons to Department for Work and Pensions (DWP) ACT Policy and committee chambers diminishes issued a statement on 27 September clarifying the art of oratory, there is no its intentions. The announcement came too late Technical Officer doubting that the Chair of the to include in last month’s Technical Update, committee, John McFall MP, takes which had highlighted the original problem. Your correspondent very seriously his work of oversight of the The DWP said: “Our intention with regard to was on his best institutions of the financial markets. That that suggested change was to tackle the behaviour recently when attending the the players in our markets are held to public potential problem of scheme abandonment. But Treasury select committee hearing involving account is just another of the small details it was not the intention to affect legitimate the Bank of England. While not quite the that have helped London become the scheme mergers or transfers, or to trigger a Lions vs Christians spectacle of the world’s leading financial centre. ‘Section 75’ debt when a company closes its previous committee hearing for private You can judge John McFall’s qualities for scheme to future accruals, whilst continuing to equity bosses, there was enough drama to yourselves at the forthcoming ACT fund the scheme.” keep everyone engaged. conference on private equity. 4The Investment Management Association (IMA) has published an updated version of its pension fund disclosure code. The code is designed to promote the accountability of fund Transparency on bond pricing managers to their clients through increased transparency and to help pension fund trustees A recent European Commission (EC) public hearing and Financial Markets Association (SIFMA). understand the charges and costs levied on in Brussels into how the bond market could From the first quarter of 2008, ICMA is the pension fund assets for which they are improve access for retail investors brought together introducing a voluntary standard of good practice responsible. regulators, trade associations, academic and to cover areas such as retail fees, language The code also gives pension fund trustees governmental practitioners. The ACT was there, but glossaries and investor access to websites. It will information on how their investment managers non-financial corporates were under-represented. also start publishing on the ICMA website trade choose between trading counterparties and The appetite for direct retail investment in bonds data on cash trades, initially in large investment- trading venues, more detailed information on varies widely across the EU with significant interest grade bonds (better than A-, with a minimum how the resulting commission spend is built up in Italy, Germany and Spain, but limited value of Û1bn) on a free-of-charge basis. The and the services met out of commission spend. involvement in the UK, France and elsewhere. information will include a wide variety of data And it provides a comparison of client-specific Members of the audience were keen to point on each bond. information on costs and trading with similar out the wide diversity of private investment habits SIFMA plans to convert its current US site fund management firms. across Europe. In many instances, investor demand (www.investinginbonds.com) into one The third version of the code brings it into is satisfied by mutual (unit trust-type) funds. The appropriate for European audiences, providing compliance with the execution provisions of the minor irony that the Û50,000 limit in the EC’s investor-focused educational information in Markets in Financial Instruments Directive. The Prospectus Directive had actively limited German, French, Spanish, Italian and English. disclosure information specified in level 1 to this corporate willingness to issue into retail markets These initiatives are expected to offer private code should satisfy this requirement. was also highlighted. individuals (and smaller investment firms) However, some MEPs and retail user groups opportunities to understand the bond markets 4The FSA approach to insider dealing was felt the industry had not done enough to provide and further participate – directly or indirectly – highlighted in a recent speech by Margaret retail investors with credible and timely post- as active investors. Cole, FSA Director of Enforcement. The FSA trade information that would let them check they uses information from market participants to had received a fair trade at a fair price. identify potential suspicious transactions and The EC had asked the Committee of European The ability to requires firms to send suspicious transaction Securities Regulators (CESR) to look at the accept reports to the FSA. issue. Its findings were that although there was electronic The FSA is focusing its efforts on: business a case for additional post-trade transparency on WEBSITE payments is professionals who abuse positions of trust by prices and volumes dealt, there was no self- WATCH essential to misusing information legitimately passed to evident market failure. modern business. The UK is currently Europe’s them to perform their jobs; repeat offenders; CESR advised that both the Markets in largest e-commerce economy with two-thirds and cases where significant benefit is gained. Financial Instruments Directive (MiFID) and of consumers having shopped online. The The FSA has signalled its intention to planned market initiatives should be allowed Electronic Payments site is a good primer on impose larger financial penalties through its time to permeate the market before being what options exist, along with an impartial tool administrative process and Cole hinted that the evaluated. Other bodies agreed broadly with that can be used to compare the cost of UK FSA would be prepared to use its power to these findings. online payment solutions according to your prosecute insider dealing as a criminal offence The key initiatives proposed by the market own business requirements. in appropriate cases. come from the International Capital Market www.electronic-payments.co.uk Association (ICMA) and the Securities Industry 08 THE TREASURER NOVEMBER 2007 marketwatch TECHNICAL UPDATE New Companies Act comes into force IN BRIEF 4The list of frequently asked questions on The codification of directors’ duties under the purposes other than the benefit of their members. prospectuses has been updated on the Companies Act 2006 came into effect on 1 This might allow, for example, a subsidiary to Committee of European Securities Regulators October 2007. adopt wider purposes, such as the benefit of the (CESR) website. New points covered include Previously, directors had to act in good faith in group, which could be helpful in the context of incorporation by reference, responsibility the best interests of the company. The new upstream and cross-stream guarantees statements and pro forma information. formulation requires a director to “act in the way supporting the debt of other group companies. that he considers, in good faith, would be most Currently, there is often doubt as to the corporate 4The concept of one share one vote for likely to promote the success of the company for benefit of such guarantees, with lenders usually shareholders does not warrant EU action, the benefit of its members as a whole”. Directors requiring a unanimous shareholders’ resolution. according to European Commissioner Charlie must have regard to a list of factors including Some financings could be facilitated if a McCreevy. He had previously backed the idea employees, the community and the environment. company’s constitution stated one of its purposes but the EC has now decided there is no The new rules apply to directors of all types was the benefit of the wider group. While there is apparent causal link between proportional of company. no judicial authority for such an arrangement, it voting rights for shareholders and improved The 2006 Act accepts some companies have could prove helpful in a range of contexts. performance at companies. In earlier submissions to the EC, the ACT position was that special voting rights were Greater clarity on IAS 39 hedging inequitable and in the interests of good governance should be discouraged. However, A new exposure draft from the International bearing instrument that is equivalent to a we did not support any legal changes, preferring Accounting Standards Board (IASB) has financial instrument with a risk-free rate; and instead to support improved practices through proposed amendments to IAS 39 Financial I The portion of the cashflows of an interest- normal market pressures and developments. Instruments: Recognition and Measurement to bearing instrument that is equivalent to an clarify its intentions regarding what risks can be instrument with a quoted fixed or variable 4The securities lending code of best designated as a hedged risk and when an entity inter-bank rate (for example, Libor). practice produced by the International may designate a portion of the cashflows of a Although the IASB is undertaking research that Corporate Governance Network (ICGN) has been financial instrument as a hedged item. will ultimately lead to the replacement of IAS 39, revised and reissued on its website. A financial instrument may be designated as a that work is at an early stage. The IASB therefore The ICGN believes that, given the availability hedged item for either all its risks or the decided to propose the amendments to provide of market instruments that separate economic following specific risks: interest rates, foreign additional guidance without significantly changing ownership from control, companies and the exchange (FX), credit, prepayment and the risks existing practice. While the board is deliberately broader market should be able to track associated with the contractually specified not seeking comments on other contentious significant divergence of voting power from cashflows of a recognised financial instrument.
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