Financial Times: Germany’s regulators were ‘deficient’ in Wirecard scandal, says Esma

Financial Times: Germany’s regulators were ‘deficient’ in Wirecard scandal, says Esma[1]

"The European Securities and Markets Authority has criticised Germany’s financial regulator BaFin and the country’s accounting watchdog FREP for their “deficient” handling of the Wirecard accounting scandal. In a report published on Tuesday, in which the regulator detailed the result of its investigation into the Wirecard accounting fraud, Esma wrote that BaFin and FREP ignored red flags over Wirecard’s financial reporting for years. (...)

Fabio De Masi, a German lawmaker with the Die Linke party, said the Esma report was “a slap in the face of BaFin” that highlighted the need for a fundamental overhaul of Germany’s financial market regulation. (...)"

Links:

1. https://www.ft.com/content/21dc6b30-940b-44ee-83d7-6d490f3f56ef