Global Investigations Review - The law and practice of international investigations


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.

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