Decision details

Treasury Management - Quarter 1 Performance 2017/18

Decision Maker: Portfolio Holder for Resources, Commissioning and Contracts Management

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Decision:

1. That the Treasury Management performance for the first quarter of 2017/18 be noted; and

 

2. That authority be delegated to the Director of Finance to apply to opt-up to elective professional status under the Markets in Financial Instruments Directive II (MiFID II) as detailed in Paragraph 3.5.6 of Report FSD17075.

Reasons for the decision:

The Markets in Financial Instruments Directive II (MiFID II) comes into force on 3rd January 2018 and requires investment firms to assess the categorisation of their clients for investment purposes.  Local Authorities will be classed as ‘Retail’ investors by default and will result in the authority being limited to investments in instruments defined by the Financial Conduct Authority as ‘non-complex’.  To be classed as a ‘Professional’ client for the purposes of treasury management activities the Council must satisfy both a quantitative and a qualitative test.  Delegated authority to submit the relevant requests to opt-up to elective professional status needs to be given to the Director of Finance.

Publication date: 15/09/2017

Date of decision: 15/09/2017

Effective from: 23/09/2017

Accompanying Documents: