Will the Cavalry Arrive in Time?

This study addresses the problems of the way in which ESMA plans to apply the exemption granted to corporate treasurers for dealing in OTC type derivative products. Over three and a half years after the start of the long-drawn out financial crisis, the regulators have still not delivered this reform. We find this time lag and the first indications of the content of this reform worrying, at a time when many of us thought that victory was in the bag.

The battle may perhaps be won, but certainly not the war. And yet again, judging from the first round, we may fear that victory could be relative. However, the second draft proposed by ESMA was much better.

Key Points

  • Already over three years
  • Has the voice of the real economy been heard?
  • Exemption, what exemption?
  • The chances of success for lobbying by treasurers


Written by

François Masquelier
Head of Corporate Finance and Treasury, RTL Group, and Honorary Chairman of the European Association of Corporate Treasurers
RTL Group

Tax & Accounting Series (15 articles)


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