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Out of scope: Scope Ratings’ appeal against ESMA fine fails
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In a December 2020 decision published on 12 January 2021, the Joint Board of Appeal (BoA) of the European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority (ESMA) (together the European Supervisory Authorities) dismissed an appeal1 brought by Scope Ratings GmbH (Scope) against ESMA’s May 2020 decision to impose a €640,000 fine.2 In this article the authors assess the implications of the decision.
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