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BaFin to get “more bite” in new supervision reforms



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.

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Mark Branson said in his first conference since taking the new position:

Mark Branson, BaFin
Mark Branson

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.

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BaFin to get "more bite" in new supervision reforms

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