Three other priority topics have been discussed:

• IAS 39 The IASB seems to prioritize a long term solution to replace IAS 39 as opposed to quick fixes favored by EACT who expects EFRAG to back us on this question. More important, if IASB wants to move to a new IAS 39 with the full fair value principle, EACT will strongly oppose it unless hedge accounting treatments are properly taken into account.
• MiFiD EACT reminds that the duty of information defined in the MiFiD directive applies also to professional clients. Moreover recent consultative papers on level 2 measures of the directive proposed by the EU Commission indicate that professional clients will be considered as eligible counterparties in countries wishing to do so, thereby deleting any duty of information. EACT will closely look at the final drafts and act accordingly by informing the concerned European bodies of its former proposals sent to CESR at the beginning of 2005.
• STEP (Short Term European Paper) EACT stresses the support of the STEP initiative and is ready to be member of the STEP Market Committee.

During its second 2005 meeting held in Berlin on October 7 and 8, the EACT Board of Directors welcomed its 16th member: FACT, the Finnish Association of Corporate Treasurers. EACT, who now represents 4350 groups/companies and gathers 7700 corporate treasurers and financiers, includes 16 corporate treasurers associations of the European Union:

• ACT, The Association of Corporate Treasurers (United Kingdom)
• AFTE, Association Française des Trésoriers d'Entreprise (France)
• AITI, Associazione Italiana Tesorieri d’Impresa (Italy)
• ASSET, Asociacion Espanola de Financieros y Tesoreros de Empresa (Spain)
• ATEB, Association of Corporate Treasurers in Belgium (Belgium)
• ATEL, Association des Trésoriers d'Entreprise à Luxembourg (Luxembourg)
• CAT, Czech Association of Treasurers (Czech Republic)
• DACT, Dutch Association of Corporate Treasurers (Netherlands)
• FACT, Finnish Association of Corporate Treasurers
• ForumFinanzenAustrian CFO and Treasury Association OPWZ (Austria)
• GEFIU, Gesellschaft für die Finanzwirtschaft in der Unternehmensführung (Germany)
• HTC, Hungarian Treasury Club (Hungary)
• IACT, Irish Association of Corporate Treasurers (Ireland)
• SAF, Slovak Association of Finance and Treasury (Slovakia)
• SCTA, Slovenian Corporate Treasurers Association (Slovenia)
• VDT, Verband Deutscher Treasurer (Germany)
  

For further information, you may visit our website www.eact-group.com or send an email to This e-mail address is being protected from spam bots, you need JavaScript enabled to view it or contact: