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Enforcement actions

Enforcement actions

On this page you will find an overview of all ESMA enforcement actions

    Name

    Date Type Breach Fine

    Standard & Poor’s Credit Market Services Europe Limited; and

    Standard & Poor’s Credit Market Services France SAS

    3 June 2014

    Credit Rating Agency

    Failed to meet the organisational requirements when erroneously suggesting a downgrade of the Republic of France.

    No Fine (only Public Notice)
    DBRS Ratings Limited 29 June 2015

    Credit Rating Agency

    Failed to meet the organisational requirements to establish adequate policies and procedures and to maintain decision-making procedures and clear organisational structures;

    Failed to meet the requirements for an effective compliance function; and

    Failed to meet the requirements for adequate record keeping.

    €30,000
    DTCC Derivatives Repository Ltd 23 March 2016 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
    Fitch Ratings Limited 21 July 2016

    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

    Moody’s Deutschland GmbH; and

    Moody’s Investors Service Ltd

    1 June 2017

    Credit Rating Agency

    Ratings Presentation Infringement; and

    Methodology Disclosure Infringement.

    €1,240,000