The European Commission in a rare move has asked its markets watchdog to investigate German financial regulator BaFin over the collapse of payments company Wirecard .
FILE PHOTO: The headquarters of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions is seen in Aschheim near Munich, Germany April 25, 2019. REUTERS/Michael Dalder
Wirecard’s long-time auditor, EY, said the hole in the company’s books was the result of a sophisticated global fraud. The Commission said it also wants ESMA to assess if there is any evidence of “administrative or legal obstacles” that hampered the enforcement of reporting requirements. ESMA confirmed it had been asked to look at how BaFin enforced the EU’s transparency directive which covers financial reporting requirements for listed companies.
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