Jurisdiction(s):
United Kingdom

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,...

WTO Joint Initiative on Services Domestic Regulation - GATS disciplines on licensing, qualification and technical standards; voluntary alternatives for financial services; scheduling as additional commitments

Published by a LexisNexis International Trade expert

Practice notes

This Practice Note sets out practical guidance on the. It explains the compulsory disciplines that apply to all services, and the voluntary alternatives for financial services, as provided in the General agreement on Trade in Services (GATS) Annex on Financial Services.

Introduction

The GATS governs trade in services. In January 2000, member States began negotiations to further liberalise services trade. Those discussions were launched under the original mandate in Article XIX of the GATS. Article XIX obliges Member States to commence negotiations for more progressive liberalisation of trade in services by January 2020. The talks later became part of the Doha Round, which has not been concluded; consequently, there is no revised multilateral agreement on trade in services. In December 2011, the Member States, through the Ministerial Conference, adopted a waiver permitting Member States to grant preferential treatment to services and to services supplied from least developed Member States. A plurilateral initiative, the Trade in Services Agreement (TiSA), was also launched in March 2013 to pursue freer trade in services; however, these negotiations have yet to deliver more liberalised services packages among the negotiating Member States...

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Web page updated on 28/05/2026

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