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Scope Ratings fined EUR2.2 million by ESMA for breaches of conflict-of-interest obligations

( March 22, 2024, 09:32 GMT | Official Statement) -- MLex Summary: Germany-based Scope Ratings has been fined almost 2.2 million euros ($2.4 million) by the European Securities and Markets Authority, for breaches of conflict-of-interest obligations set out in the regulations for credit ratings agencies. The authority said in a statement that the breaches resulted from negligence on the part of Scope. ESMA chair Verena Ross said that “failures by credit ratings agencies to properly identify, prevent and manage potential conflicts can damage the proper functioning of markets and create harm for investors.”Statement follows....

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