J & E Davy t/a Davy

the Central Bank has taken the following into account:  the firm notified the breaches to the Central Bank and took timely and appropriate steps to rectify the breaches;  the cooperation of the firm during the investigation and in settling at an early stage in the Administrative Sanctions Procedure. The Central Bank confirms that the matter is now closed. -END - The Central Bank of Ireland (“the Central Bank”) has entered into a Settlement Agreement with effect from 8 December 2011 with J & E Davy t/a Davy (“the firm”), a regulated financial services provider, in relation to breaches of Regulations 112 and 33(1)(a) of the European Communities (Markets in Financial Instruments) Regulations 2007 (“the MiFID Regulations”). This is the second settlement with a firm for transaction reporting failures. Firms are required to ensure they submit data for reportable transactions by close of business the day after a trade is executed. Firms must appreciate the importance to the Central Bank that data submitted pursuant to transaction reporting requirements be accurate and complete. Where data does not meet the standards required, this jeopardises an important regulatory function of the Central Bank. We will address these types of failures, and other reporting failures, with firms including, where appropriate, by taking enforcement action.