Davy hit with record €4.1m fine for market breaches

The penalty over an Anglo Irish Bank bond trade is the largest ever issued to a stockbroker in Ireland

2nd March, 2021
Davy hit with record €4.1m fine for market breaches
Davy ‘fell well below the standard required in meeting its regulatory obligations in relation to conflicts of interest and personal account dealing’, according to the Central Bank

The Central Bank has fined Davy €4.1 million – the largest ever issued to a stockbroker in Ireland – over a slew of “serious issues” relating to a 2014 bond deal.

The transaction involved a “consortium” of 16 Davy employees, including senior executives, buying Anglo Irish Bank bonds from a client in a personal capacity.

The client was not told that the group of buyers was made up of Davy employees, a situation...

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