EU Plans Tougher Reporting Rules After Wirecard Scandal

Law360, London (May 27, 2021, 4:56 PM BST) -- The European Commissioner in charge of financial stability said on Thursday that she would tighten up rules on corporate reporting and auditing in the bloc after high-profile scandals such as the Wirecard AG collapse provided a "severe wake-up call."

Mairead McGuinness said in a speech to the European Policy Centre that the collapse of Wirecard — a German payments company that went under after a €1.9 billion ($2.3 billion) hole was discovered in its accounts — revealed the weakness of the bloc's rules for auditing and reporting.

"For me, it serves as a clear reminder that there is no smoke without...

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