Decision on a supervisory measure in respect of an infringement by Modefinance

The European Securities and Markets Authority (ESMA) Board of Supervisors has imposed a fine of EUR 420,000 on Modefinance S.r.l. for committing an infringement by using ESMA's name in such a way that would indicate or suggest endorsement or approval by ESMA of the credit ratings or any credit rating activities of the CRA. The decision was made following a preliminary investigation and findings of serious indications of possible infringements against the company, which led to an independent investigating officer being appointed.