Public statement relating to Settlement Agreement between the Central Bank of Ireland and Ava Capital Markets Limited

• Date: 06 March 2014

1

Settlement Agreement between the Central Bank of Ireland

and Ava Capital Markets Limited

The Central Bank of Ireland (the “Central Bank”) has entered into a Settlement Agreement

with effect from 4 March 2014 with Ava Capital Markets Limited (the “Firm”), a regulated

financial services provider, in relation to contraventions of the European Communities

(Markets in Financial Instruments) Regulations 2007 (S.I. 60 of 2007) (the “MiFID

Regulations”).

Reprimand and fine

The Central Bank reprimanded the Firm and required it to pay a monetary penalty of

€165,000.

Contraventions

The contraventions of the MiFID Regulations, which occurred during the period between 1

February 2010 and 31 December 2011 (the “Relevant Period”), were as follows:

 The Firm executed 523,389 transactions during the Relevant Period and, in breach of

Regulation 112(3)(b) and (c), failed to report details of these transactions to the

Central Bank by the close of the following working day or reported incorrect details

of those transactions.

 In breach of Regulation 33(1)(a), the Firm failed to establish adequate policies and

procedures sufficient to ensure compliance with the Firm’s obligations under the

MiFID Regulations, specifically its transaction reporting obligations.