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.

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* 2. How many client relationships do you have with Financial Institutions?

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* 3. How prepared are you for the forthcoming changes arising from MiFID II?

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* 5. Are you expecting to obtain classification on a product by product basis or at entity level?

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* 6. Please indicate the products you have in your strategy and are active in, and those that you have in your strategy but not yet used.

  In Strategy - Currently Utilising In Strategy - Not Yet Utilised
Money Market Deposits
Structured Deposits
Money Market Funds
Other Fixed Income Funds
Property Funds
Equity Funds
Other VNAV Funds
Exchange Traded Funds
Tradeable Instruments (Bonds, CDs, TBills, Floating Rate Notes, Commercial Paper)

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* 7. If your target classification is as a Retail client with Financial Institutions, have you taken steps to identify if the services you currently utilise from them will still be available once your status has changed?

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* 8. If you plan to Elect up to Professional Counterparty status, have you identified the relevant information you require to carry out the process?

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* 9. If you plan to Elect up to Professional Counterparty status, have you considered the ongoing requirements to monitor the factors impacting on this status and take action where necessary?

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* 10. If you made an FI aware of information that would require reclassification as Retail, what action would you expect them to take?

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* 11. To what extent would you think the following would be considered important to an FI when determining whether the Authority is capable of making its own investment decisions and understands the risks involved?

  Critical Significant Quite Important Not relevant
Access to real-time market data
Evidence of objective risk management framework
Well resourced internally

Limited dependance on external organisations for decision making support

Comprehensive published treasury management strategies
Participation in network / community / club

Regular attendance at peer conferences / events

Evidence of scrutiny of function (members / auditors)

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* 12. Assuming the FCA provides no further detail on the minimum investment balance criteria of £15m, how would you expect to measure this?

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* 13. To what extent would the following platform features benefit you?

  Critical Valued Useful Irrelevant Unsure

Managed workflow for Electing Up process
Platform for ongoing obligations for managing classifications

Alerts to warn if classification status at risk

Single secure time-stamped data sent to multiple FIs determined by you
Electronically certified by verified officers within in LA

Live dashboard for managing dialogue during the Electing Up process

Peer comparison reports providing progress/outcomes against anonymised LA universe

LA to LA and LA to FI communication tools e.g. messaging

Bulk transmission of secure documents (changes in dealing mandates, SSIs etc)

Single access point to FI Publication of products / research
Secure transmission of other secure documents (e.g. SSIs, Dealing Mandates, Authorised Signatory lists, KYC information, Dealing Confirmations etc.)

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* 14. Please use this space to provide any additional information

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* 15. Would you like to register an interest in hearing more information about Public Sector Link?

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* 16. Contact Information

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