UK, Japan To Discuss Ratings Agency Fines In Advance
By Irene Madongo (August 27, 2021, 2:30 PM BST) -- The finance watchdogs of Britain and Japan will inform each other about enforcement action taken against cross-border credit ratings agencies, as part of an agreement to intensify their supervisory cooperation on the sector.
The Financial Conduct Authority and Japan's Financial Services Agency will inform each other before they impose penalties or withdraw registration of ratings agencies, according to a nonbinding framework published by the FCA on Thursday.
The regulators will also inform each other immediately when supervisory or enforcement action has been taken against the companies. This will include informing the other watchdog on whether the enforcement action is open to...
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