Dagong Europe Credit Rating[1] is no longer a subsidiary of Dagong Global Credit Rating since 2019. It then changed name to DG International Ratings SRL. The European Securities and Markets Authority(ESMA) has withdrawn the credit rating agency (CRA)registration of DG International Ratings SRL(previously Dagong Europe Credit Rating Srl)(DG International).[1]
History
It was established in March 2012 with headquarters in Milan, Italy. In June 2013, it was registered and received authorization from the European Securities and Markets Authority ('ESMA') under the Article 16 of the Credit Rating Agency (CRA) regulation.[2] It is the first entity to have applied for registration as a CRA with shareholders from the People's Republic of China.[3] It is recognized by the Joint Committee of the three European Supervisory Authorities (EBA, ESMA and EIOPA – ESAs) as External Credit Assessment Institutions (ECAI) operating in the European Union. In December 2016, Dagong Europe opened its branch office in Frankfurt, Germany.
Dagong Europe is solely owned by its parent company, Dagong Global Credit Rating.[2] The parent company stated that it has used "dialectical materialism" as part of its evaluative approach.[4][5] In 2018, the parent company's operations were suspended following accusations of corruption and doctored ratings in exchange for fees.[6] In 2019, the parent company was nationalized.[2][7][8]
References
- ^ "Dagong Europe". Dagong Europe. Archived from the original on 2018-08-20. Retrieved 2014-02-19.
- ^ a b c Bush, Chunping (2021-09-01). "The Rise and Fall of Dagong Global Credit Rating Agency: A Geopolitical Challenge for the Rating Industry". Journal of Financial Regulation. 7 (2): 319–324. doi:10.1093/jfr/fjab007. ISSN 2053-4833.
- ^ Jones, Huw (June 7, 2013). "Chinese rating agency Dagong gets EU approval". Reuters. Archived from the original on October 24, 2021. Retrieved October 24, 2021.
- ^ Doshi, Rush (2021-09-30). The Long Game: China's Grand Strategy to Displace American Order (1 ed.). Oxford University Press. p. 257. doi:10.1093/oso/9780197527917.001.0001. ISBN 978-0-19-752791-7. OCLC 1256820870.
- ^ "Corporate Culture". Dagong Global. Archived from the original on December 29, 2016. Retrieved October 24, 2021.
- ^ "Credit rating agency Dagong suspended in cash-for-ratings probe". South China Morning Post. 2018-08-18. Archived from the original on 2021-09-09. Retrieved 2021-10-24.
- ^ "State Firm Takes Over Disgraced Credit Rating Agency Dagong". Caixin. April 18, 2019. Archived from the original on 2021-10-24. Retrieved 2021-10-24.
- ^ "Top China Credit Ratings Agency Sanctioned Twice in One Month". Caixin. July 12, 2021. Archived from the original on 2021-10-24. Retrieved 2021-10-24.
