Central Bank of Ireland says inspection of contracts for difference and financial spread betting firms raised compliance issues

Jun 16th, 2011 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The Central Bank of Ireland today published the findings of an inspection of contracts for difference (CFD) and financial spread betting firms. The inspection examined firms’ compliance with certain conduct of business requirements of the EU's MiFID (Markets in Financial Instruments Directive) Regulations including procedures for accepting clients and the quality and type of information provided to clients and potential clients. Four firms were inspected and approximately eighty files were reviewed. The inspection found that none of the firms inspected were fully compliant with the MiFID Regulations examined while a number of firms had a particularly low level of compliance with less serious breaches found in others.

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