EU To Review German Regulatory Regime After Wirecard Fail
Law360, London (July 15, 2020, 5:00 PM BST) -- Europe's securities watchdog said Wednesday it is launching an investigation into how German regulators monitored the financial reports of embattled payments company Wirecard in the lead-up to its high-profile collapse in June.
The European Securities and Markets Authority said it will open an inquiry into the conduct of BaFin and the Financial Reporting Enforcement Panel — Wirecard AG's designated regulators — in the months prior to its demise.
The company collapsed in June amid an investigation into a €1.9 billion ($2.3 billion) hole in its accounts.
"High quality financial reporting is core to investor trust in capital markets and Wirecard's collapse...
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