About: http://data.cimple.eu/news-article/00eb4103afc9258127c700356da5ff2186ecdd367f7a4a0c949bbc93

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About: http://data.cimple.eu/news-article/00eb4103afc9258127c700356da5ff2186ecdd367f7a4a0c949bbc93 Goto Sponge NotDistinct Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	The European Commission has asked the EU financial authority to study whether German regulators were at fault in the build-up to the spectacular collapse of payments provider Wirecard. According to a letter seen by AFP on Friday, the Commission asked the European Securities and Markets Authority (ESMA) to carry out "a fact-finding analysis" and report back before July 15. The study will examine whether Germany's regulatory responses to early signs that Wirecard was in trouble "were adequate to protect investor confidence in EU securities markets." It will also ask "whether there is any evidence of administrative or legal obstacles that impeded the effective enforcement of applicable financial reporting requirements or, if relevant, the effective sanctioning of any breaches of such requirements." Wirecard filed for insolvency on Thursday after admitting that 1.9 billion euros missing from its accounts likely does not exist, in what German Finance Minister Olaf Scholz dubbed an "unparallelled scandal". German Economy Minister Peter Altmaier has called for a thorough investigation and banking supervision chief Felix Hufeld has admitted that his watchdog -- BaFin -- "had not been effective enough to prevent something like this from happening". Now, the head of the European Commission's directorate general for financial stability, John Berrigan, has tasked Steven Maijoor, head of the Paris-based ESMA, with conducting a parallel European probe. "At this stage, this preliminary analysis should seek to establish a comprehensive description and assessment of the events, including the adequacy of the supervisory response to these events, leading to the collapse of Wirecard AG," the letter says. "In my view it is essential that ESMA looks at the issue to ensure that EU investors are fully protected when investing in companies listed in a regulated market in the EU. This is also important to identify what next steps may be warranted." In an interview with the Financial Times that appeared Friday, EU vice-president for financial services Valdis Dombrovskis said that, after ESMA reports back, Brussels could seek a legal investigation that could lead to a report demanding BaFin reform its practices. clp-dc/bmm
schema:headline	Brussels probes German regulator over Wirecard scandal
schema:mentions	Financial Times Financial statement European Commission Finance minister Olaf Scholz Brussels Germany European Union Markets in Financial Instruments Directive 2004 Federal Financial Supervisory Authority Valdis Dombrovskis Security Insolvency Peter Altmaier Felix Mendelssohn Wirecard Australian Federal Police
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-06-26 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	90 (xsd:integer)
http://data.cimple...tology#hasEmotion	anger

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