The Central Bank of Ireland imposes a fine of €210,000 on B.C.P. Asset Management Designated Activity Company for client categorisation failings
The Central Bank of Ireland (the “Central Bank”) has fined the investment firm B.C.P. Asset Management Designated Activity Company (the “Firm” or “BCP”) €210,000 and reprimanded it for breaches of the Conduct of Business Rules provided for under the European Communities (Markets in Financial Instruments) Regulations 2007 (the “MiFID Regulations”) (the “Conduct of Business Rules”). The breaches have been admitted by the Firm.
The Central Bank’s enforcement investigation identified significant failures by the Firm in respect of client categorisation under the Conduct of Business Rules. As a result of the Firm’s breaches, certain clients were not afforded the level of investor protection appropriate to their status as a Retail client.
The three breaches identified relate to:
- the Firm’s failure to carry out adequate