Decision details
IMPLEMENTATION OF THE MARKETS IN FINANCIAL INSTRUMENTS DERIVATIVE (MiFID 11)
Decision Maker: Pensions Committee
Decision status: For Determination
Is Key decision?: No
Is subject to call in?: No
Decisions:
The report before Members outlined the impact of the implementation of the Markets in Financial Instrument Directive 2014/65 (“MiFID II”) and in particular the risk to the administering authority of becoming a retail client on 3rd January 2018.
The report recommended that elections for professional client status be made on behalf of the authority with immediate effect.
The Committee:
1. Noted the potential impact on investment strategy of becoming a retail client with effect from 3rd January 2018
2. Agreed to the immediate commencement of applications for elected professional client status with all relevant institutions in order to ensure it can continue to implement an effective investment strategy.
3. In electing for professional client status the committee acknowledged and agreed to forgo the protections available to retail clients attached as APPENDIX 1 of the report (Retail client protections) and that this meant no change to the existing arrangements.
4. Agreed to delegate responsibility to the Statutory Section 151 Officer Finance (Interim) for the purposes of completing the applications and determining the basis of the application as a full service.
Publication date: 21/09/2017
Date of decision: 19/09/2017
Decided at meeting: 19/09/2017 - Pensions Committee
Accompanying Documents:
- MIFID 11 Opt up report FINAL 2 PDF 126 KB
- MIFID11 Appendix 1 Protections PDF 77 KB
- MIFID11 Appendix 2 Highlights PDF 138 KB
- MIFID11 Appendix 3 optup_process_flow_document PDF 68 KB
- MIFID11 Appendix 4 Request_letter_for_client_status_recategorisation PDF 146 KB
- MIFID11 Appendix 5 Stand_alone_questionnaire_for_completion_by_lAs PDF 214 KB