The Chartered Institute of Public Finance and Accountancy (CIPFA) is working with Local Authorities (LAs) and relevant Financial Institutions (FIs) to deliver an online solution to manage the initial and ongoing requirements of both parties under the MiFID II electing up process. In addition, CIPFA will be seeking to further enhance its training provision to provide an online platform to deliver relevant training to assist LAs in passing the qualitative test.
Many LAs will wish to request their FI counterparts to classify them as “Professional” and are increasingly concerned about the initial classification process and ongoing requirement to share information in a timely fashion. Similarly, FIs are facing many LA classification requests over a short period in Q4 2017.
CIPFA’s solution to managing this process is “Public Sector Link”. This is an online portal whereby LAs record their key organisational and individual data in a consistent format that is easily transmitted to multiple FIs. The system will allow them to request to be elected up to Professional, as well as easily allowing them to share further information which may result in a change in status on an ongoing basis. The platform will be available to FIs and LAs later in 2017 and CIPFA would like to hear more about how you view the impact of MiFID II on your business. We would like to have your feedback through responses to the following brief questionnaire.
Please note, your responses will be treated as confidential and any data presented regarding the results of this questionnaire will be on a consolidated basis and your organisation will not be identifiable. The results will inform the final scoping, and future design of the Platform, and will be shared with participants and presented at relevant CIPFA events.