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Regulators Reverse Credit Ratings Ruling On Nordic Banks

Law360, London (March 14, 2019, 1:35 PM GMT) -- Europe’s top regulators have upheld an appeal by four Nordic banks against a decision by the markets watchdog to fine each of them €495,000 ($560,000), ruling that they had not acted negligently when they violated the bloc’s credit ratings rules.

The European Supervisory Authorities said on Wednesday they had ruled that the fours lenders had not intentionally infringed the bloc’s Credit Rating Agencies Regulation, known as CRAR. Its board of appeal upheld a decision by the European Securities and Markets Authority.

ESMA had fined the four banks, plus Danske Banke A/S, a total of €2.48 million in July after it found that they had issued...

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