More bite for BaFin 2.0?

German Federal Finance Ministry publishes reform proposals to supervisory framework.

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More bite for BaFin 2.0? German Federal Finance Ministry publishes reform proposals to supervisory framework

More bite for BaFin 2.0?

German Federal Finance Ministry publishes reform proposals to supervisory framework.

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April 16, 2021

In response to the Wirecard scandal, the German Federal Finance Ministry published a number of proposals on how to make BaFin better at what it does. This Client Alert looks at what BaFin 2.0 means for supervised entities and assesses its reform efforts, the emerging issues and domestic criticisms (notably that the reforms do not go far enough) and how they compare with the findings and recommendations of the European Securities and Markets Authority.