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(a) A copy of this policy will be provided to all securities dealers, investment bankers and other entities doing investment business with the City of London. Other interested parties may receive a copy upon request.
(b) No securities dealer, investment banker or other entity may provide investment services to the City of London, unless its representative has reviewed, signed and agreed on behalf of the entity to abide by the terms of this policy. In signing this investment policy, the representative acknowledges that the entity assumes full responsibility for recommending and making investments in violation of any Ohio or Federal statute or regulation, regulation or code of conduct established by the National Association of Securities Dealers or the Securities and Exchange Commission, the terms of this policy or any other applicable law.
(c) While every effort will be made to obtain appropriate discounts, investment firms will be selected to achieve the best possible transaction execution. The fact that a particular firm provides statistical and market information and services will be considered in the selection process. All investment firms selected shall be qualified to do business in the State of Ohio, have all appropriate licenses, be in good standing with the Securities and Exchange Commission, the National Association of Securities Dealers and the Ohio Department of Commerce's Division of Securities, and be on the list of investment firms approved by the Fiscal Officer. A periodic review of the investment from capital and disciplinary standing will be conducted and necessary changes in the list of approved investment firms will be approved by the Fiscal Officer.
(d) All securities orders shall be placed according to accepted investment practices. All receipts confirming securities transactions will include the trade date, par value, maturity, interest rate, price, yield, settlement date, description of securities purchased, investment firm, amount due and third-party custodial information. Confirmation receipts will be received within three business days after the trade, and payment for investments shall be made only be upon receipt of the securities.
(e) All securities dealers, investment bankers and other entities providing investment services to the City of London are prohibited from having any direct or indirect interests in any of the investments made by the Fiscal Officer and from receiving payment, bonuses or other compensation for investment services in excess of their regular compensation. As used in this policy, "regular compensation" includes the reasonable and agreed-upon fees, commissions and other compensation customarily associated with securities transactions earned by outside securities dealers, investment bankers and other entities providing investment services to the City of London.
(Res. 213-96. Passed 12-6-96.)