ESMA Fines Fitch for Ratings Rules Breaches

Max Bowie
@MaxBowie
21 Jul 2016

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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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