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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 Notices / Decisions

    Fitch Ratings Ltd. (UK);

    Fitch France S.A.S.; and

    Fitch Ratings Espana S.A.U.

    28 March 2019 Credit Rating Agency

    Between 2013 and 2015, issued four new ratings on instruments issued by a listed entity while a Fitch shareholder holding more than 10% of its capital sat on the board of this entity;

    Failed to immediately assess the need to re-rate or withdraw ratings previously issued with regards to another entity, where a Fitch shareholder holding more than 10% of its capital sat on the board of this entity;

    Until March 2017, did not have in place adequate procedures with respect to conflicts of interest;

    Until March 2017, did not have in place internal control mechanisms designed to ensure compliance with its conflicts of interest obligations;

    Failed to disclose conflicts of interest regarding existing ratings of an entity, while a Fitch shareholder holding more than 10% of its capital sat on the board of this entity;

    Between 2013 and 2015, issued eight new ratings on instruments issued by a listed entity while a Fitch shareholder holding more than 10% of its capital sat on the board of this entity; and

    Failed to disclose that the existing ratings of the same listed entity were potentially impacted by the board membership of the Fitch shareholder holding more than 10% of its capital.

    €5,132,500

    Public notices

    Decision Fitch UK

    Decision Fitch France

    Decision Fitch Spain

    Danske Bank A/S 23 July 2018 Credit Rating Agency Issuing credit ratings without being authorised by ESMA  €495,000

    Public Notice

    Decision

    Svenska Handelsbanken AB (publ)  23 July 2018 Credit Rating Agency Issuing credit ratings without being authorised by ESMA  €495,000

    Public Notice

    Decision

    Nordea Bank AB (publ)  23 July 2018 Credit Rating Agency Issuing credit ratings without being authorised by ESMA  €495,000

    Public Notice

    Decision

    Skandinaviska Enskilda Banken AB (publ)  23 July 2018 Credit Rating Agency Issuing credit ratings without being authorised by ESMA  €495,000

    Public Notice

    Decision

    Swedbank AB (publ)  23 July 2018 Credit Rating Agency Issuing credit ratings without being authorised by ESMA  €495,000

    Public Notice

    Decision

    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

    Public Notice

    Decision

    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

    Public Notice

    Decision

    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

    Public Notice/Decision

    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

    Public Notice/Decision

    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)

    Public Notice/Decision