Wall Street Journal: Wirecard Probe Criticizes Germany’s Financial Supervisor

Wall Street Journal: Wirecard Probe Criticizes Germany’s Financial Supervisor[1]

"Europe's top markets watchdog said it found a series of problems with Germany's regulatory oversight and handling of Wirecard AG, the fintech darling that collapsed amid allegations of fraud.

The European Securities and Markets Authority said in a report Tuesday that BaFin, Germany's financial and markets supervisor, might lack independence from the German government and proper internal controls. It pointed to key staff trading Wirecard shares, including during periods when it was investigating the company. (...)

Fabio De Masi, deputy floor leader of Germany's Left Party and a member of the Bundestag's finance committee, said the report was a slap in the face for BaFin. He called for the regulator to be overhauled and for new restrictions to be put in place between it and the finance ministry."

Links:

1. https://www.wsj.com/articles/wirecard-probe-criticizes-germanys-financial-supervisor-11604410425