26 Jun 2017 LCIV submit progress report to DCLG
London CIV, like other pools, submitted a progress update to DCLG in April. A copy of our update was circulated widely but if you haven’t seen it it’s available to read here: LCIV Pooling Progress Report – April 2017.
In our response we highlighted some of the risks surrounding the government’s delivery plans for pooling drawn from our experience to date in establishing and transitioning assets. We also flagged up the ongoing concerns over the impact of the new Markets in Financial Instruments Directive (MiFID II) on the unsuitability of the opt-up process for local authorities that will follow their reclassification from professional to retail investors. However, we are hopeful that some of the more difficult issues surrounding this will be resolved making opt-up much easier for Local Authority Funds.