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

Date14 February 2017
Settlement Agreement between the Central Bank of Ireland
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

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