Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


By Marc Jones

LONDON (Reuters) -The European Union’s securities watchdog has fined S&P Global Ratings 1.1 million euros ($1.19 million) for publishing a number of credit scores before the relevant securities had been issued.

The European Securities and Markets Authority (ESMA) also issued a public notice for breaches of credit rating agencies regulations.

Publishing a credit rating before the issuance of the rated securities may result in harm to the issuer, to investors and more generally to the orderly functioning of the financial markets,” said ESMA chair Verena Ross.

ESMA said the problem had happened on six occasions, blaming a failure of S&P’s “internal control mechanisms.

Other rule breaches included failure to disclose on a “non-selective basis and in a timely manner” why it had withdrawn six ratings between 2019 and 2021, as well as a failure to submit up-to-date rating information to ESMA.

“All breaches were found to have resulted from negligence on the part of S&P,” ESMA said.

A statement from S&P, which can appeal against the decision, said that it was pleased to have concluded the matter.

ESMA has not previously fined S&P but did give the company and its French subsidiary a public warning in 2014 after it mistakenly announced a downgrade of France’s sovereign credit rating in 2011 during the euro zone debt crisis.

($1 = 0.9234 euros)

(Reporting by Marc JonesAdditional reporting by Huw Jones and Andres GonzalezEditing by David Goodman)


Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts