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 c…