In a February 2020 speech at the German Symposium at the London School of Economics, Felix Hufeld, former President of Germany’s Federal Financial Supervisory Authority (BaFin), argued that, in order to avoid the next crisis, regulators and supervisors must:
However, it seems that BaFin may itself have failed to apply the “close and strict supervision” for which Hufeld had called.2 And it almost certainly ignored numerous “early warning indicators” when it comes to the now defunct fintech firm Wirecard.3
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