Global Investigations Review - The law and practice of international investigations

image

Friday, 26 June 2020

EU to scrutinise BaFin over Wirecard scandal

The EU will ask its financial regulator to examine whether the German Federal Financial Supervisory Authority (BaFin) failed in its oversight of payments company Wirecard, the Financial Times reports.

Valdis Dombrovskis, the European Commission’s executive vice president, reportedly said the commission will ask the European Securities and Markets Authority (ESMA) to investigate whether BaFin has committed any supervisory failures.

He said the ESMA has until mid-July to reply to the request. 

Wirecard admitted on 18 June that it could not account for €1.9 billion in its accounts, potentially due to fraudulent transactions. It collapsed a week later, owing creditors almost $4 billion.

The UK Financial Conduct Authority announced on 26 June that it has ordered Wirecard to cease all regulated activity. 

UK IT company avoids fine in FCA probe by creating a compensation scheme

The UK Financial Conduct Authority (FCA) has initiated criminal proceedings against three former executives at technology service provider Redcentric.

The FCA has accused the trio of making false or misleading statements to the market between May 2015 and October 2016. The agency announced the charges on 26 June while censuring Redcentric for misstating its debt and assets to investors over the same period.

The FCA said it decided not to fine Redcentric because the company initiated its own compensation scheme for harmed stakeholders.

Download the latest magazine

magazine
Download as a PDF
View all issues

Insight

Reviews

Europe middle east and africa investigations review 2020 roi 1 32x9

Europe, Middle East and Africa Investigations Review 2020

Highlights

Anti-Money Laundering Trends and Challenges

Deborah Luskin, Anant Modi, Selma Della Santina and Sarah Wrigley

Forensic Risk Alliance

Cleaning up the Mess: Effective Remediation in Internal Investigations in Africa

Benjamin S Haley, Sarah Crowder, Randall D Friedland and Thomas McGuire

Covington & Burling
All reviews

Guides

Gir guide to monitorships edition 2 banner roi 1 32x9

The Guide to Monitorships - Second Edition

Highlights

9. Monitorships in East Asia

Jason J Kang, Daniel S Lee, Nan Wang, Ryan Middlemas and Hangil Lee

Kobre & Kim

10. Switzerland-ordered Monitorships

Simone Nadelhofer and Daniel Lucien Bühr

LALIVE
All guides

Know-how

Extradition

Highlights

England & Wales

Anand Doobay

Boutique Law LLP

England and Wales

Anand Doobay

Boutique Law LLP

All know-how