Enforcement actions
Enforcement actions
On this page, you will find an overview of all ESMA enforcement actions.
2021
|
Name |
Breach |
Fine |
Notice/Decisions |
|
UnaVista Limited
Trade Repository |
Breaches of EMIR for: incorrect field ordering logic, incorrect mapping rules, crossed date boundaries, incorrect or unreliable reports for regulators and not providing regulators with direct and immediate access to trade state reports and historic trade state reports. | €238,500 | |
|
DTCC Derivatives Repository Plc
Trade Repository |
Breaches of EMIR for: granting certain asset managers access to data that they were not entitled to receive; setting up its IT system in a way which altered the substance of certain information reported to it; and failing to provide regulators with direct and immediate access to relevant data. | €408,000 | |
|
Moody’s Investors Service Ltd
Credit Rating Agency |
In a situation of conflict of interests related to the 10% shareholder threshold, issued new ratings. Failed to properly disclose situations of conflict of interest related to the 5% shareholder threshold. Did not have in place adequate procedures, administrative, appropriate administrative arrangements nor internal control mechanisms to ensure compliance with conflict of interest obligations. |
€2,735,000 |
|
|
Moody’s France S.A.S. |
Failed to properly disclose situations of conflict of interest related to the 5% shareholder threshold. |
€280,000 |
|
|
Moody’s Deutschland GmbH |
€340,000 |
||
|
Moody’s Italia S.r.l. |
€174,000 |
||
|
Moody’s Investors Service España S.A. |
€174,000 |
2020
|
Name |
Breach |
Fine |
Notices/ Decisions |
|
Scope Ratings GmbH
Credit Rating Agency |
Breaches of the Credit Rating Agencies Regulation in relation to the systematic application of its 2015 Covered Bonds Methodology and its revision.
|
€640,000 |
The Decision of the Joint Board of Appeal of the European Supervisory Authorities of 28 December 2020 dismissed the appeal lodged by Scope Ratings. |
2019
|
.Name |
Breach |
Fine |
Notices/ Decisions |
|
Regis-TR
Trade Repository |
For negligently failing to provide to regulators direct and immediate access to details of derivative contracts. |
€56,000 |
|
|
Fitch Ratings Ltd. (UK); Fitch France S.A.S.; and Fitch Ratings Espana S.A.U
Credit Rating Agency |
In a situation of conflict of interests related to the 10% shareholder threshold, issued new ratings, failed to immediately assess the need to re-rate or withdraw existing ratings and failed to disclose the conflicts of interest. Did not have in place adequate procedures nor internal control mechanisms to ensure compliance with conflict of interest obligations.
|
€5,132,500
|
|
|
Svenska Handelsbanken AB (publ)
Credit Rating Agency |
Issuing credit ratings without being authorised by ESMA.
|
No fine (public notice only) |
Further to a Decision of the Joint Board of Appeal of the European Supervisory Authorities of 27 February 2019, this decision has been remitted to ESMA’s Board of Supervisors. |
|
Nordea Bank Abp (publ)
Credit Rating Agency |
Issuing credit ratings without being authorised by ESMA.
|
No fine (public notice only) |
Further to a Decision of the Joint Board of Appeal of the European Supervisory Authorities of 27 February 2019, this decision has been remitted to ESMA’s Board of Supervisors. |
|
Skandinaviska Enskilda Banken AB (publ)
Credit Rating Agency |
Issuing credit ratings without being authorised by ESMA.
|
No fine (public notice only) |
Further to a Decision of the Joint Board of Appeal of the European Supervisory Authorities of 27 February 2019, this decision has been remitted to ESMA’s Board of Supervisors. |
|
Swedbank AB (publ)
Credit Rating Agency |
Issuing credit ratings without being authorised by ESMA.
|
No fine (public notice only) |
Further to a Decision of the Joint Board of Appeal of the European Supervisory Authorities of 27 February 2019, this decision has been remitted to ESMA’s Board of Supervisors.
|
2018
|
Name |
Breach |
Fine |
Notices/ Decisions |
|
Danske Bank A/S
Credit Rating Agency |
Issuing credit ratings without being authorised by ESMA. |
€495,000
|
|
2017
|
Name |
Breach |
Fine |
Notices/ Decisions |
|
Moody’s Deutschland GmbH; and
Moody’s Investors Service Ltd
Credit Rating Agency |
Ratings Presentation Infringement; and
Methodology Disclosure Infringement.
|
€1,240,000
|
|
2016
|
Name |
Breach |
Fine |
Notices/ Decisions |
|
Fitch Ratings Limited
Credit Rating Agency |
Failed to allow the Republic of Slovenia 12 hours to consider and respond to the downgrade of its sovereign rating;
No sound internal controls enabling it to comply with ‘the 12 hour requirement’; and
Unauthorised disclosures of new and potential new sovereign ratings before that information was made public. |
€1,380,000
|
|
|
DTCC Derivatives Repository Ltd
Trade Repository |
Failed to allow regulators and supervisors direct and immediate access to the details of derivatives contracts they need to fulfil their responsibilities and mandates. |
€64,000
|
Public Notice/Decision_23 March 2016
|
2015
|
Name |
Breach |
Fine |
Notices/ Decisions |
|
DBRS Ratings Limited
Credit Rating Agency |
Failed to meet the requirements to establish adequate policies and procedures, to establish an effective compliance function, and regarding adequate record keeping.
|
€30,000
|
Public Notice/Decision_29 June 2015
|
2014
|
Name |
Breach |
Fine |
Notices/ Decisions |
|
Standard & Poor’s Credit Market Services Europe Limited; and
Standard & Poor’s Credit Market Services France SAS
Credit Rating Agency |
Failed to meet the organisational requirements when erroneously suggesting a downgrade of the Republic of France.
|
No fine (public notice only) |
Public Notice/Decision_ 3 June 2014
|