LONDON - The European Union’s markets watchdog has fined credit rating agency Fitch a record 5.13 million euros for breaching rules aimed at avoiding conflicts of interest.
The European Securities and Markets Authority 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. Fitch said none of the breaches impacted the outcome of its ratings, and its interpretation of the EU regulations on disclosing the identity of shareholders was made in good faith.
Fitch is owned by U.S. publisher Hearst after buying stakes from France’s Fimalac. It is one of the “Big Three” credit rating agencies, along with Standard & Poor’s and Moody’s that dominate the sector globally.
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''...for breaching rules aimed at avoiding conflicts of interest'
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