News

ESMA finds deficiencies in BaFin supervision of Wirecard's financial reporting

Wednesday 4 November 2020 14:16 CET | News

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published the results of its Fast Track Peer Review which involved Wirecard and BaFin.

The peer review assessed the events leading to the collapse of Wirecard and the supervisory response by BaFin (Bundesanstalt für Finanzdienstleistungaufsicht) and the Financial Reporting Enforcement Panel (FREP). This focused on the application by BaFin and FREP of the Guidelines on Enforcement of Financial Information (GLEFI) and on impediments to the effectiveness of the German two-tier supervisory system for financial reporting in the specific context of the Wirecard case, according to the official press release.

The peer review, based on the assessment, identifies a number of deficiencies, inefficiencies, and legal and procedural impediments. These relate to the following areas: the independence of BaFin from issuers and government; market monitoring by both BaFin and FREP; examination procedures of FREP; and the effectiveness of the supervisory system in the area of financial reporting.


More: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: ESMA, BaFin, Wirecard, supervision, EU, securities markets regulator, Fast Track Peer Review, FREP, GLEFI, financial reporting
Categories: Banking & Fintech | Digital Identity, Security & Online Fraud
Countries: Europe
This article is part of category

Banking & Fintech