Stricter control: the Federal Minister of Finance Scholz draws Lessons from Wirecard

The Federal government works, with a view to the Bankruptcy of the payment service provider Wirecard to a stronger regulation of these companies in Europe. At the same time, she thinks of a powerful securities and exchange Commission, such as exists, for example, in America, with the SEC. This was reported on Tuesday from government circles in Berlin. By the end of this week, Finance Minister Olaf Scholz (SPD) can drive these issues forward, if he will discuss with his counterparts from the EU member States. Germany has 1. In July, the EU presidency for the Rest of the year taken.

Manfred Schäfers

economic correspondent in Berlin.

Markus Frühauf

editor in the economy.

An important point for the next six months are from the point of view of the Federal government, the further Work on capital markets Union. "It is very important to have uniform rules for the single financial market," said a government representative. The regulation of financial service providers, the Ministry of Finance for a long time at the heart. Now it had won with Wirecard, a new actuality. We are already in discussion with the EU Commission concerning a uniform Supervisory regime. "The example, Wirecard is one of many, which shows that it is very important to have European rules." At the same time you have to think about a European supervision of companies listed on the stock exchange.

for Years in the gray area

The Wirecard alleged balance sheet manipulations have also been facilitated, because the payment service provider was for years able to operate in a regulatory grey area. In the past week, the President of the German financial authority, Bafin, Felix Hufeld pointed out, the Finance Committee of the Bundestag to the fact that Wirecard in the opinion of the competent Supervisory authorities – has not been classified in addition, Bafin, the European Central Bank (ECB) and the Bundesbank – as a financial holding company. Bafin was only for the subsidiary Wirecard Bank is responsible. A possible misconduct of the German overseer in the Wirecard scandal now being investigated by the European securities and markets Esma.

Now, the discussions of the past few years, a greater centralization of the Supervisory authorities of the national could get to the European level. Bafin President Hufeld had spoken out so far against these plans.

an example of a centralisation of the banking supervision of the ECB. This is considering their recommendation to the waiver of dividends and share buybacks to extend the supervised 115 Institute on October also. The Kerstin af yoke, nick, a member of the Executive Board of the ECB-banking supervision said on Tuesday. In a Blog post, it announced an early notification of this. The national Bank supervisors, this is likely to rates they supervise smaller institutions, such as the Bafin, the savings banks and cooperative banks. Earlier, the ECB-President Christine Lagarde-led European Committee had suggested for systemic risk Board (ESRB), that banks should be avoided until at least the end of the year on dividends and share repurchases.