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Saturday, January 23, 2021

European Union Blasts German Authorities for Lapses in Wirecard Fraud

The European Union’s markets watchdog said on Tuesday morning that Germany failed to do enough to avert the Wirecard fraud, as it delivered a critical verdict on the nation’s handling of its biggest post-war corporate scam.

The European Union’s markets watchdog said on Tuesday morning that Germany failed to do enough to avert the Wirecard fraud, as it delivered a critical verdict on the nation’s handling of its biggest post-war corporate scam.

In a rare 190-page rebuke of another regulator, the European Securities and Markets Authority said that it found a number of deficiencies, inefficiencies and legal and procedural impediments relating to the independence of Germany’s markets regulator BaFin from issuers and the Finance Ministry.

“For BaFin … there is a heightened risk of influence by the Ministry of Finance given the frequency and detail of reporting to the MoF in the Wirecard case, in some cases before actions were taken,” the European Securities and Markets Authority report said.

The European Union’s watchdog began a fast-track review in July into how BaFin and the country’s accounting watchdog the Financial Reporting Enforcement Panel enforced the European bloc’s transparency rules governing company information for markets and investors.

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