A study carried out for the European Parliament’s Committee on Economic and Monetary Affairs (ECON) on the implications of the accounting scandal that hit German payment service providerWirecard (see EUROPE B12512A15), published on Thursday 5 November, recommends the establishment of a single European capital market supervisor.
The first lines of defence against fraud - companies’ internal controls, supervisory boards and external audits - all failed in one way or another in the...