Agenda item

Jeff Huston (Head of Pensions) and Bevis Ingram (Senior Adviser) presented the report which set out the implications for councils – both from a pensions and treasury management perspective – of the Financial Conduct Authority’s (FCA) consultation on the implementation of the Markets in Financial Instruments Directive II (MiFID II).

In the following discussion, Members were united in the view that the LGA’s response be strengthened to: highlight the very significant consequences of the proposal; seek clarity on the FCA’s proposal to ‘gold plate’ the levels set out in the EU Directive; and make the case that as precepting bodies, local authorities are unique and should be treated accordingly. 

Decision

The Resources Board agreed the LGA’s draft response to the Financial Conduct Authority’s consultation on the implementation of the Markets in Financial Instruments Directive II (MiFID II) be updated in line with their views and submitted to Lead Members for sign off.

Action

Update LGA’s consultation response and circulate to Resources Board Lead Members for clearance [Bevis Ingram and Jeff Huston].