Agenda item

Report of the Director of Economic Development.

The Sub Committee received an update and forward look report of the Director of Economic Development regarding the International Regulatory Strategy Group (IRSG). Members made the following comments:

·         Cybersecurity and resilience should feature in the IRSG work plan.

·         The Corporation should be clear that the IRSG’s role was advisory and that it did not speak ‘for’ the City Corporation, to which the Chairman replied that the output of the IRSG reflected the views of the City financial and therefore the City Corporation should respect those views.  The Chairman agreed that the terminology of the IRSG being “an advisory body to the City of London and TheCityUK” did not adequately reflect the reality of the position,

·         The expertise and skills of the IRSG membership, its qualitative output and the figures it attracted from the financial services presented a net benefit for the Corporation.

·         The Director of Economic Development agreed that future papers could provide more iterative detail on the work of the IRSG as well as examples of its output.

·         The Chairman noted that the Corporation would shortly be reviewing its service level agreement with The CityUK.  The recent appointment of the City’s Special Representative would have an effect on the relationship.  This would provide the opportunity to review the status of the IRSG

RECEIVED