The EU’s market watchdog the European Securities and Markets Authority (ESMA) has fined ratings agency Fitch a record €5.13 million for violating the bloc's rules on avoiding conflicts of interest.

ESMA found that between June 2013 and April 2018, 20% of  Fitch subsidiaries in the UK, France, and Spain were indirectly owned by an unidentified individual through an entity in France. The shareholder was sitting on boards of three businesses that had been simultaneously rated by three of Fitch's...

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