The new president of Germany’s financial regulator BaFin, Mark Branson, promised to focus on bolstering supervision in Europe.
BaFin’s reputation has suffered recently following the collapse of German payments company Wirecard. The financial scandal shocked investors, business and political leaders in Germany, as well as in Europe.
German Finance Minister Olaf Scholz, ministry oversees BaFin, took a lot of criticism for missing the signs of the collapse. In response, Scholz promised to give the regulator “more bite” with changes at the top and more powers to investigate wrongdoing.
Mark Branson said in his first conference since taking the new position:
But for me, this is only the beginning of BaFin’s long-term development. It will take time before we reach our objectives in all areas.
Among the new measures taken this year to deliver on strengthening BaFin’s powers, task forces to oversee companies with complex business models was created. The unit for whistleblowers was reorganized and the watchdog received more accounting firepower.
Mark Branson took the help in the beginning of August, succeeding Felix Hufeld.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.