The Central Bank has fined stockbroker Davy €50,000 and reprimanded it over breaches of regulations on the reporting of certain financial deals.
From November 1 2007 Davy, like other stockbrokers and financial firms, was obliged to provide transaction reports on its trading activity in certain financial instruments under the EU's MiFID regulations.
The bank said it identified three breaches of these regulations.
It said Davy failed to report 61,542 transactions between November 1 2007 and March 25 2011, while it also failed to report the correct counterparty in 20,806 deals between November 1 2007 and February 4 2011. The bank also said Davy had failed to set up adequate procedures to ensure that it complied with the rules.
The Central Bank said the breaches of the rules were unintended and, once detected, Davy submitted all transaction reports correctly and co-operated with the Central Bank's investigation.
