The powers of the German regulator BaFIN should be increased – that became clear from the statement of the German finance minister Olaf Scholz in the wake of the Wirecard scandal. Germany will be reforming BaFIN and one of the main new responsibilities it will have will be to conduct unannounced check-ups on financial institutions. Scholz also stated that he wished that the regulator’s oversight to be expanded to large payment processing companies even if such companies are not, technically speaking, financial institutions. The Wirecard EUR 1.9 billion scandal is still rocking the financial world – the company became insolvent and it turned out that the fraud has been conducted for over a year, with irregularities beginning five years ago. Frankly, such unannounced check ups should be an issue for companies that have their books in order.
guy is a fucking idiot, wanted to impose a tax on each transaction + want's to limit options losses to 10k/year, making most option strategies (e.g. defined risk strategies) beyond covered calls useless