Esma cancels ‘shadow ratings’ fine for Nordic banks

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By Jasper Cox
15 Jul 2019

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.

Esma said on Monday that Nordea, Svenska Handelsbanken, SEB and Swedbank would not be fined, declaring that a public notice was the only appropriate supervisory measure.

The four banks, alongside Danske Bank, were each given a €495,000 penalty by the supervisor last ...

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