Davy Rotten Score Breakdown

The Central Bank of Ireland reprimanded and fined J&E Davy EUR 4.13 million in March 2021 for four breaches of MiFID rules arising from a 2014 transaction in which 16 Davy employees, including senior executives, bought bonds from a Davy client in a personal capacity. The regulator found that Davy prioritised an opportunity for employees to make a personal financial gain over compliance with its obligations, failed to properly identify and manage conflicts of interest, allowed its personal-account-dealing controls to be circumvented and kept its compliance function uninformed. The Central Bank also treated Davy's initial lack of candour as an aggravating factor. The investigation is closed. Source: https://www.centralbank.ie/news/article/press-release-enforcement-action-davy-fined-4-130-000-and-reprimanded-by-central-bank-of-ireland-for-regulatory-breaches-arising-from-personal-account-dealing-02-march-2021