The Association of Corporate Treasurers (ACT) has urged the UK government to refrain from involving itself in market activity at times of major disruption. The ACT does not consider new legislation – which would enable the government to intervene in the financial markets or in contracts arising from them – as necessary at this time. The case for such legislation would be strengthened if it were part of a concerted multinational (e.g. EU/G10) approach to the market disruption risk. claimed The ACT. However it noted that even in such a case, the potential negative consequences of such legislation may outweigh the advantages. The ACT has pointed out legislation along the lines of the Green Paper could introduce extra political risk in doing business in UK financial markets and that foreign courts may not recognise the UK legislation unless it was part of a concerted EU/G10 approach. Furthermore, it claimed that legislation would raise the possibility of a new form of systemic risk, again reducing the attractions of UK financial markets.
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