In the report—which took a little over a year to compile—Esma says it is difficult for clients of credit rating agencies to understand the reasons behind fee levels. The regulator says it has concerns that there is no apparent link between the fees charged by rating agencies and the costs involved in actually calculating and providing the ratings.
The report also questions practices by trade repositories, saying that they must show how their fees are driven by costs. Esma currently authorizes e
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