Public statement relating to Settlement Agreement between the Financial Regulator and MIS Financial Services Ltd. & Stephen Donnelly

Date20 December 2006
PO BOX 9138 T +353 1 410 4000
College Green F +353 1 410 4900
Dublin 2
Settlement Agreement
between the Financial Regulator and M.I.S Financial Services
Limited and Mr Stephen Donnelly
The Financial Regulator has entered into a Settlement Agreement with effect from
14 December 2006 with M.I.S. Financial Services Limited and Mr Stephen
Donnelly, Director in relation to breaches of regulatory requirements.
The Financial Regulator has reasonable cause to suspect that breaches of
regulatory requirements occurred in relation to M.I.S. Financial Services Limited
while Mr Stephen Donnelly was a director.
These suspected breaches relate to a failure to act honestly and fairly in
conducting business activities in the best interests of clients and the integrity of
the market and a failure to take all reasonable steps to ensure that actions in the
best advantage of the client were taken.
From 1 August 2004 to February 2005, M.I.S. Financial Services Limited and Mr
Donnelly did not properly inform the four affected clients about the actual terms
of the investment policies which they had taken out. The affected clients were led
to believe that the terms of the investment policies which they had taken out
were more favourable than was in fact the case.
The Financial Regulator confirms that neither of the breaches gave rise to a
concern in relation to the integrity of M.I.S. Financial Services Limited client
money.

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