The European Commission announced on Friday 26 June that it has asked the European Securities and Markets Authority (ESMA) to carry out a preliminary investigation into the adequacy of supervision by the German financial watchdog, BaFin, in connection with the accounting scandal involving the German payment service provider Wirecard (see EUROPE B12512A15).
The company, which filed for bankruptcy on Thursday, admitted that a sum of €1.9 billion, which was entered on the company’s...