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ARTICLE · 19 JUNE 2014

ESMA Issues Public Notice Of S&P’s Internal Control Failings

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ESMA published a public notice censuring Standard & Poor’s for internal control failings in breach of the Credit Rating Agencies Regulation.

United StatesFinance and Banking
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On 3 June 2014, ESMA published a public notice censuring Standard & Poor's for internal control failings in breach of the Credit Rating Agencies Regulation. ESMA is responsible for the regulation and supervision of credit rating agencies registered under the Credit Rating Agencies Regulation, which includes powers to withdraw registration, impose fine and issue public notices. The censure of Standard & Poor's relates to an erroneous publication in 2011 by the credit agency to its Global Credit Portal stating that France's credit rating had been downgraded.

The public notice is available at: http://www.esma.europa.eu/system/files/2014-544_-_decision_supervisory_measu re_articles_23e_and_24_of_regulation_1060-2009.pdf

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