Standard & Poor's wand Esma. The European financial markets authority, in fact, censured the rating agency for failure of internal controls, at the end of the investigation into the erroneous publication, which took place on November 10, 2011, of the email alert communication on the downgrading of France , a cut that never happened.
According to ESMA, the error by Standard & Poor's would be due to the failure to comply with the organizational requirements indicated in the European regulation, as regards the internal control mechanisms and the agreements on the systems that process the information.
