The European Securities and Markets Authority (ESMA) has fined S&P Global Ratings Europe Limited (S&P) a total of EUR 1,110,000, and issued a public notice, for breaches of the Credit Rating Agencies Regulation (CRA Regulation).
ESMA found that S&P published credit ratings before the concerned securities were issued by the rated entities and announced to the market. This was due to internal control failures and led to breaches by S&P of its transparency obligations.
S&P Global Ratings Europe Limited (‘S&P’) is a registered credit rating agency (CRA) incorporated in Ireland and one of the largest CRA groups in terms of revenues and size.
The CRA Regulation (Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies, the ‘Regulation’) lays…
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