{"id":603076,"date":"2019-03-28T18:43:07","date_gmt":"2019-03-28T18:43:07","guid":{"rendered":"<br><div>\n<!-- \/1002554\/MJO_Announcement_250X340 -->\n<!-- <div id='div-gpt-ad-1550929497923-0' style='float:right;z-index: 996;height:340px; width:250px;'>\n\n<\/div> -->\n<!-- 27th April (1month) - UHAS -->\n<div style=\"float:right;z-index: 996;height:340px; "},"modified":"2019-03-28T18:43:07","modified_gmt":"2019-03-28T18:43:07","slug":"fitch-ratings-fined-e5-13m-for-breaching-eu-rules","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/03\/28\/fitch-ratings-fined-e5-13m-for-breaching-eu-rules\/","title":{"rendered":"Fitch Ratings fined \u20ac5.13m for breaching EU rules"},"content":{"rendered":"<p><\/p>\n<div>\n<!-- \/1002554\/MJO_Announcement_250X340 --><br \/>\n<!-- \n\n<div id='div-gpt-ad-1550929497923-0' style='float:right;z-index: 996;height:340px; width:250px;'>\n\n<\/div>\n\n --><br \/>\n<!-- 27th April (1month) - UHAS --><\/p>\n<div style=\"float:right;z-index: 996;height:340px; width:250px;\">\n<img decoding=\"async\" src=\"https:\/\/cdn.ghanamma.com\/2019\/03\/glauc-new.jpg\"\/>\n<\/div>\n<p style=\"margin-left:0in; margin-right:0in\"><span style=\"font-family:Calibri,sans-serif\"><span style=\"background-color:white\"><span style=\"font-family:&quot;Times New Roman&quot;,&quot;serif&quot;\"><span style=\"color:#313132\">The European Union\u2019s markets watchdog has fined credit rating agency Fitch a record 5.13 million euros (\u00a34.4 million) for breaching rules aimed at avoiding conflicts of interest.<\/span><\/span><\/span><\/span><\/p>\n<p style=\"margin-left:0in; margin-right:0in\"><span style=\"background-color:white\"><span style=\"font-family:Calibri,sans-serif\"><span style=\"font-family:&quot;Times New Roman&quot;,&quot;serif&quot;\"><span style=\"color:#313132\">The European Securities and Markets Authority (ESMA) said on Thursday that, between June 2013 and April 2018, 20 percent of Fitch subsidiaries in Britain, France and Spain were indirectly owned by an individual through an entity in France.<\/span><\/span><\/span><\/span><\/p>\n<p><!-- \/1002554\/Myjoyonline\/mjo-article-leaderboard_mid-1 --><\/p>\n<p style=\"margin-left:0in; margin-right:0in\"><span style=\"background-color:white\"><span style=\"font-family:Calibri,sans-serif\"><span style=\"font-family:&quot;Times New Roman&quot;,&quot;serif&quot;\"><span style=\"color:#313132\">At the same time the shareholder, which ESMA does not name, was sitting on boards of three entities being rated by the three subsidiaries of Fitch.<\/span><\/span><\/span><\/span><\/p>\n<p style=\"margin-left:0in; margin-right:0in\"><span style=\"background-color:white\"><span style=\"font-family:Calibri,sans-serif\"><span style=\"font-family:&quot;Times New Roman&quot;,&quot;serif&quot;\"><span style=\"color:#313132\">Fitch is owned by U.S. publisher Hearst after buying stakes from France\u2019s Fimalac. It is one of the \u201cBig Three\u201d credit rating agencies that dominate the sector globally.<\/span><\/span><\/span><\/span><\/p>\n<p><!-- \/1002554\/Myjoyonline\/mjo-article-leaderboard_mid-2 --><\/p>\n<p style=\"margin-left:0in; margin-right:0in\"><span style=\"background-color:white\"><span style=\"font-family:Calibri,sans-serif\"><span style=\"font-family:&quot;Times New Roman&quot;,&quot;serif&quot;\"><span style=\"color:#313132\">ESMA authorises and regulates ratings agencies in the EU.<\/span><\/span><\/span><\/span><\/p>\n<\/div>\n<p><script async>(function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0];if(d.getElementById(id))return;js=d.createElement(s);js.id=id;js.src=\"http:\/\/connect.facebook.net\/en_GB\/sdk.js#xfbml=1&version=v2.10&appId=1559506714349564\";fjs.parentNode.insertBefore(js,fjs);}(document,'script','facebook-jssdk'));<\/script><\/p>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a style=\"display:none\" rel=\"follow\" href=\"http:\/\/megatheme.ir\/\" title=\"\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633\">\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The European Union\u2019s markets watchdog has fined credit rating agency Fitch a record 5.13 million euros (\u00a34.4 million) for breaching rules aimed at avoiding conflicts of interest. The European Securities and Markets Authority (ESMA) said on Thursday that, between June 2013 and April 2018, 20 percent of Fitch subsidiaries in Britain, France and Spain were [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":603077,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-603076","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fitch Ratings fined \u20ac5.13m for breaching EU rules - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/03\/28\/fitch-ratings-fined-e5-13m-for-breaching-eu-rules\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Fitch Ratings fined \u20ac5.13m for breaching EU rules - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"The European Union\u2019s markets watchdog has fined credit rating agency Fitch a record 5.13 million euros (\u00a34.4 million) for breaching rules aimed at avoiding conflicts of interest. 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