Moody’s fined 3.7 million euros by EU

The European market regulator said on Tuesday it had fined Moody’s, a credit rating firm, 3.7 million euros for violations, including undisclosed conflicts of interest.

Moody's fined 3.7 million euros by EU

The European Securities and Markets Authority (Esma) said all violations were due to the company’s negligence, adding that the fine was targeted at Moody’s five entities in France, Germany, Italy, Spain and the UK.

 

Moody’s did not have adequate internal policies and procedures to deal with shareholder conflicts of interest, the agency said. These violations occurred between 2013 and 2017.

 

A Moody’s spokesman said: “Esma found that Moody’s investor services did not deliberately violate EU regulations and had no impact on the quality of any ratings