Esma cancels ‘shadow ratings’ fine for Nordic banks

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Esma cancels ‘shadow ratings’ fine for Nordic banks

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JHRGJA Nordea sign at branch. Nordea Bank AB is a Nordic financial services group operating in Northern Europe. | Alamy Stock Photo

The European Securities and Markets Authority (Esma) has had to row back on fines for four Nordic banks for issuing credit ratings, after an appeal board found that the banks had not broken the rules negligently.

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