ESMA Fines Fitch for Ratings Rules Breaches

Over an 18-month period, ESMA found nine instances where Fitch analysts shared information with Fitch's parent company, in breach of ESMA rules.

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Following an investigation of credit rating agencies that took place in 2013, ESMA discovered evidence that senior analysts at Fitch had shared information about upcoming ratings actions with executives at Fitch parent Fimalac. ESMA's rules covering rating agencies prohibit agencies from sharing this information with anyone except those involved in creating the ratings.

Between December 2010 and June 2012, ESMA identified nine separate email exchanges sharing prohibited data about upcoming

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