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European securities regulator slaps fines on big five Nordic banks

Danske Bank, Nordea, SEB, Handelsbanken and Swedbank have been handed out large fines by the European Securities and Markets Authority (ESMA) on Monday for issuing credit ratings without the appropriate regulatory authorization.

Unlike Danske Bank, Nordea, Handelsbanken and Swedbank, SEB continued to issue the unauthorized research until May 2018. | Photo: SEB

Danske Bank, Nordea, SEB, Handelsbanken and Swedbank have each received a fine of EUR 495,000 by the European Securities and Markets Authority (ESMA) for breaching the Credit Rating Agencies Regulation (CRAR)

The punative action was announced in a statement from ESMA.

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