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The European Union's market supervisory body inflicted on the credit rating agency Fitch a record fine of 5.13 million euros (4.4 million pounds sterling). ) for violation of the rules to avoid conflicts of interest.
The European Securities and Markets Authority (ESMA) said Thursday that between June 2013 and April 2018, 20% of Fitch's subsidiaries in Britain, France and Spain were indirectly owned by an individual via a entity in France.
At the same time, the shareholder, whom ESMA did not appoint, sat on the board of directors of three entities rated by the three Fitch subsidiaries.
Fitch belongs to the American publisher Hearst after buying shares in the capital of Fimalac in France. It is one of the "big three" credit rating agencies that dominate the industry globally.
ESMA authorizes and regulates rating agencies in the EU.
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