MUNICH (dpa-AFX) - The European Securities and Markets Authority or ESMA, the EU's securities markets regulator, has published the results of its Peer Review which assessed the events leading to the collapse of Wirecard AG (WRCDF.PK). The report was prepared in response to a request from the European Commission. The Peer Review has identified deficiencies in the supervision and enforcement of Wirecard's financial reporting. The Peer Review also provided recommendations to address these shortcomings.
ESMA identified deficiencies in the application of the GLEFI in the Wirecard case. This include: independence of BaFin from issuers and government; market monitoring by both BaFin and FREP; FREP's examination procedures of Wirecard financial reports; and effectiveness of the supervisory system in the area of financial reporting.
The Peer Review has found instances of lack of coordination and inefficiency in exchange of information between relevant teams in BaFin.
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