Written Question: Wirecard scandal and persistent shortcomings in financial regulation
(Source: European Parliament)
Question for written answer E-002833/2021
to the Commission
Geoffroy Didier (PPE)
Subject: Wirecard scandal and persistent shortcomings in financial regulation
In June 2020, the collapse of Wirecard, a German financial services company, turned the spotlight on the persistent shortcomings in financial regulation. An investigation into the practices employed by Wirecard is under way and various forms of financial manipulation have come to light. Many errors and problems have been highlighted, in both the German and EU systems. The consequences of these manipulations are being felt not only by the financial markets, but also by the SMEs and individuals who had financial links with the company. Lessons must be learnt from this scandal, and with that in mind can the Commission answer the following questions:
- In order to make supervision as effective as possible, does the Commission plan to introduce dual audits for every stage of an audit, or just the most sensitive ones?
- Does the Commission intend to establish a European agency to monitor capital markets and prevent improper practices specific to national financial cultures?
- What other verification mechanisms would the Commission like to introduce to keep up with innovation and technological advances in the financial sector?