German watchdog worked with ECB, Bundesbank on Wirecard decisions – ZAWYA

German watchdog worked with ECB, Bundesbank on Wirecard decisions – ZAWYA

German watchdog worked with ECB, Bundesbank on Wirecard decisions | ZAWYA MENA Edition HomeLegalArticleGerman watchdog worked with ECB, Bundesbank on Wirecard decisions All decisions were made along with other supervisors    FRANKFURT- The head of Germany's financial market regulator BaFin, which is under intense scrutiny for its oversight of collapsed Wirecard, defended its record on Wednesday, saying it wasn't alone in deciding how to categorise the payments provider.While BaFin regulated Wirecard's banking subsidiary, the company was never put on a list of financial firms that would have brought it fully under the supervision of BaFin, even though such a move was discussed twice. BaFin President Felix Hufeld told lawmakers in a closed-door meeting that all decisions about how to categorise Wirecard were made along with other supervisors, including the Bundesbank and the European Central Bank, according to his spokeswoman.While BaFin regulated Wirecard's banking subsidiary, the company was never put on a list of financial firms that would have brought it fully under the supervision of BaFin, even though such a move was discussed twice. FRANKFURT- The head of Germany's financial market regulator BaFin, which is under intense scrutiny for its oversight of collapsed Wirecard, defended its record on Wednesday, saying it wasn't