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The European Securities and Markets Authority (ESMA) announced today that it has fined the credit rating agency Moody’s €1.24 million for what it describes as two CRAR (Credit Rating Agencies Regulation) credit ratings breaches.
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ESMA says that it found that Moody’s Germany and Moody’s UK negligently committed two infringements of the CRAR regarding their public announcement of certain ratings and their public disclosure of methodologies used to determine those ratings.
These alleged failures concern nineteen ratings issued between June 2011 and December 2013 for nine supranational entities including the European Investment Bank, the European ... (read more)