Germany Acts To Strengthen DAX Index After Wirecard Crisis

Law360, London (October 5, 2020, 12:26 PM BST) -- Companies hoping to join Germany's blue-chip DAX index face tougher membership criteria under reforms proposed by Deutsche Börse on Monday, after Wirecard collapsed and had its listing struck from the exchange because it revealed a €1.9 billion ($2.2 billion) hole in its accounts.

Deutsche Börse AG said that companies will be pushed out of the DAX index if they do not report their profits every quarter under new qualification criteria floated by the  exchange operator. They must also provide proof that they have an audit committee on their supervisory boards.

The exchange operator also proposed expanding the membership on the index...

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