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EU Markets Regulator Censures S&P for Erroneous 2011 Downgrade Alert

Roberta Holland | June 4, 2014

The European Securities and Markets Authority this week issued a public notice censuring Standard & Poor's units in France and Europe for internal control failings.

ESMA cited Standard & Poor's Credit Market Services France SAS and Standard & Poor's Credit Market Services Europe Limited for breaches of the European Union's regulations covering credit rating agencies. ESMA said in a statement that it decided to censure the firm following the authority's investigation into an errant email alert S&P sent out on 10 November 2011. The email alert, sent to subscribers of S&P's Global Credit Portal,...

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