The European Securities and Markets Authority (ESMA), EU’s financial markets regulator and supervisor, published today its Follow-up Report to the Wirecard Fast Track Peer Review assessing the progress made with respect to the recommendations formulated in 2020.
This report follows up on the implementation of the recommendations made in the previous Wirecard Fast Track Peer Review Report.
Among the key findings, ESMA highlights the following:
- Germany’s supervisory system in financial reporting was substantially revised and strengthened, discontinuing the 2-tier system and entrusting all supervision to the German Federal Financial Supervisory Authority (BaFin);
- BaFin’s independence from issuers and government improved with the set-up of a framework for managing conflicts of interests applicable to all staff and principles of cooperation formalised between BaFin and the Government;
- the selection model and examination procedure are improved,
- the investigative powers, cooperation and exchange of information are expanded;
- BaFin now fully complies with the Guidelines on Enforcement of Financial Information (GLEFI).
ESMA had previously carried out a Peer Review under the ESMA Regulation and Peer Review Methodology, in the form of a Fast Track procedure and focusing on only one jurisdiction and one issuer.
