Moody’s fined 3.7 million by the EU for conflict of interest

Time.news – The European Securities and Markets Authority (ESMA) has announced a sanction of 3.7 million euros (4.3 million dollars) against the rating agency Moody’s for violating the rules on conflict of interest. The violations according to the market supervisory body would have involved Moody’s units in Great Britain, France, Germany, Italy and Spain.

UK branch of Moody’s received the highest penalty (€ 2.735 billion), followed by the German unit (340,000 euros), the one based in France (280,000 euros) and finally the Italian and Spanish branches (174,000 euros each).

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