Tuesday 30 June 2015

Europe: ESMA fines and censures credit rating agency

The European Securities and Markets Authority has publicly censured a credit rating agency - DBRS Ratings Limited - for failing to comply with the corporate governance, compliance and record-keeping requirements under the Credit Rating Agencies Regulation (EU, No 462/2013): see here (pdf). A copy of the public notice is available here (pdf). ESMA also imposed a fine in respect of the record-keeping failures, the first time it has fined a credit rating agency. ESMA has sole responsibility for the registration and supervision of credit rating agencies in the European Union; see here for more about this particular function.

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