The European Commission will ask its markets watchdog to investigate whether German financial regulator BaFin failed in its supervision of payments company Wirecard.
FILE PHOTO: European Commission Vice-President Valdis Dombrovskis holds a joint press conference with EU Economic Affairs Commissioner Paolo Gentiloni on Recovery and Resilience at the European Commission headquarters in Brussels, Belgium May 28, 2020.
“We need to clarify what went wrong,” he said, adding he would set a mid-July deadline for ESMA to reply. “We have received a request from the European Commission for a fact-finding analysis of events leading up to the collapse of Wirecard and supervisory responses to the events,” an ESMA spokesman said.
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