EU Evaluating Supervisors’ Functions for Wirecard Scandal

European Union

The European Commission requested the trade bloc regulator to evaluate the responsibilities of the financial supervisors in the recent Wirecard scandal. Valdis Dombrovskis, the executive VP of the EU has announced that the analysis would focus on what happened regarding the bankruptcy.

The German prosecutors have probed fraud, market manipulation, and balance falsification against Wirecard. It has led to the fall of the German FinTech firm, and as a result, Germany is changing its national oversight laws.

Source: Reuters