Plus   Neg

ESMA Finds Deficiencies In Supervision, Enforcement Of Wirecard's Financial Reporting

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
J&J Distributing has recalled various food products citing potential contamination with Listeria monocytogenes or Lm, an organism that can cause serious and sometimes fatal infections. According to the U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS, around 33 pounds of ready-to-eat meat and poultry salads and wrap products have been called back. The U.S. Food and Drug Administration on Saturday authorized Johnson & Johnson's (JNJ) single-dose COVID-19 vaccine for emergency use. It is the first single-shot COVID-19 vaccine and the third COVID-19 vaccine for emergency use in the U.S. - the other two being Pfizer/BioNTech's BNT162b2 and Moderna's mRNA-1273. The U.S. Food and Drug Administration said that it will rapidly work toward finalization and issuance of an emergency use authorization of Johnson & Johnson's (JNJ) single-shot COVID-19 vaccine candidate.
Follow RTT