Major ratings agency S&P fined €1.11m by EU financial markets regulator

This is not the first time S&P has been hit with criticism. In the US, the Securities and Exchange Commission accused S&P of fraudulent misconduct after the 2008 financial crisis.

Some of the breaches related to internal controls failures in the ratings agency.

Major ratings agency S&P has been fined €1.11m by the EU’s financial markets regulator for breaches which were caused by negligence.

The European Securities and Markets Authority found that the European arm of S&P Global released credit ratings prematurely before concerned securities were issued by the rated entities and announced to the market.