The European Securities and Markets Authority (ESMA) announced that Moody's Group's organizations in France, Germany, Italy, Spain, and the UK were fined for violating the EU regulations.
It was reported in the announcement that Moody's was fined as it gave illegal credit ratings to institutions in which it was a board member or a shareholder with more than 10% shares, did not reveal conflicts of interest in cases where it had more than 5% shares, and applied inadequate internal policies and procedures to manage the conflicts of interests of shareholders.
It was also pointed out that these violations were caused by Moody's, and the organizations of Moody's in 5 countries were fined a total of €3 million 703 thousand.
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