Jurisdiction(s):
United Kingdom

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Key definition

ACT definition

What does ACT mean? In corporate and banking practice, ACT usually refers to the Association of Corporate Treasurers, the UK-based professional body for corporate treasury professionals, rather than a statutory “Act”. It is not defined in legislation or case law; the acronym is market terminology used in transaction documents and governance materials. The Association of Corporate Treasurers promotes professional standards in liquidity management, funding, cash and risk management, foreign exchange and derivatives. It publishes guidance and a code of ethics and awards recognised qualifications (including AMCT and FCT). In legal contexts, references to “ACT-qualified” personnel or to ACT good practice may appear in treasury policies,...

UK Modern Slavery Act 2015, section 54: Flowchart Assessing Supply Chain Transparency Statement Duty, Commercial Organisation Test, £36m Turnover and Group Reporting Options

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Practice notes

Section 54 of the Modern Slavery ACT 2015 (MSA 2015)

It obliges certain commercial organisations operating in the UK to publish an annual transparency statement that outlines the actions taken during the Financial year to make sure slavery and human trafficking are not occurring in any Supply chains or any part of the business.

The statement may set out details of the organisation's structure, policies, Due diligence, the assessment and management of risk, training, and how effective these measures are in ensuring the business's supply chain is free from modern slavery and human trafficking.

MSA 2015, s 54 applies to all commercial organisations that:

carry on a business, or part of a business, in the UK

...

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