Germany Scholz Announces Tender

The Wirecard AG scandal has revealed that the German financial supervisory authority needs a reorganization in order to be able to fulfill its supervisory function more effectively. To this end the Federal Ministry of Finance commissioned an investigation by the Federal Financial Supervisory Authority in autumn the results of which will be presented in the coming week. The Federal Ministry of Finance and the President of the Federal Financial Supervisory Authority discussed the situation in a joint meeting today and came to the mutual agreement that in addition to organizational changes there should also be a new start in terms of personnel at the top of BaFin .I would like to express my thanks to Felix Hufeld for his great commitment at the top of BaFin over the past eight years. During this time he made a decisive contribution to shaping financial services supervision in Germany and Europe. We are combining the planned organizational reform of BaFin with a new start in terms of personnel. Olaf ScholzI was allowed to work at the top of BaFin for eight years including six years as President . Thank you very much for the trust you have placed in me. The BaFin has thereby significantly improved and won in many ways relevant. Now there are other tasks to tackle and I wish my successor the best for mastering them. Felix Hufeld