Germany Eyes Regulatory Revamp After Wirecard Insolvency

Law360, London (June 26, 2020, 11:18 AM BST) -- An accounting scandal that has engulfed payments processor Wirecard is a "wakeup call" to Germany that ​tighter ​supervision ​is needed to shore up the country's reputation as a financial marketplace, the German finance minister has said.

Germany's finance minister has said his ministry will draft proposals to overhaul the country's financial supervision after the collapse of Wirecard. (AP) Olaf Scholz said late Thursday that his ministry will draft proposals in the next few days to overhaul the country's financial supervision in an attempt to help regulators keep track of financial institutions that have complicated international networks.

Wirecard AG said Thursday it...

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