Public statement relating to Settlement Agreement between the Central Bank and Kinsale Capital Management

• Date: 14 February 2017

1

Settlement Agreement between the Central Bank of Ireland

and

Kinsale Capital Management Limited

The Central Bank of Ireland imposes a fine of €275,000 on Kinsale Capital Management Limited for

client categorisation failings

The Central Bank of Ireland (the “Central Bank”) has fined Kinsale Capital Management Limited (the

“Firm” or “Kinsale”) €275,000 and reprimanded it for breaches of the European Communities

(Markets in Financial Instruments) Regulations 2007 (the “MiFID Regulations”). The breaches have

been admitted by the Firm.

The breaches in this case relate to:

 The Firm’s failure to carry out adequate assessments of certain clients who elected to be

treated as professional clients between 7 June 2011 and 31 July 2015;

 The Firm’s failure to implement appropriate policies and procedures for client categorisation

between 6 April 2010 and March 2015; and

 The Firm providing investment services to three retail clients in breach of the terms of its

authorisation between 14 December 2011 and 31 July 2015.

The Central Bank’s Director of Enforcement, Derville Rowland, has commented as follows:

“The protection of financial services consumers is one of the Central Bank’s key objectives. The

regulatory framework puts in place stringent requirements to ensure that firms uphold their duty of

care to clients and place their interests at the forefront of everything they do. It is critically important