ESMA fines S&P €1.1 million for failures related to the premature release of credit ratings to the public
CRAs
Date:
03 July 2023
On 24 March 2023, the European Securities and Markets Authority (ESMA) announced that it had fined S&P Global Ratings Europe Limited (S&P) a total of EUR 1,110,000, and issued a public notice for breaches of the Credit Rating Agencies Regulation (CRA Regulation). ESMA found that S&P published credit ratings before the concerned securities were issued by the rated entities and announced to the market. This was due to internal control failures and led to breaches by S&P of its transparency obligations.