By Mauro Orru

 

The U.K.'s Financial Conduct Authority said Friday that it has imposed requirements on Wirecard AG's U.K. operations, a day after the company filed for insolvency proceedings.

The FCA said Wirecard Card Solutions mustn't dispose of any assets or funds and mustn't carry on any regulated activities, although it has to outline a statement on its website to inform customers that it is no longer possible to conduct any regulated activities.

The German fintech company filed for insolvency after revealing that more than $2 billion in cash missing from its balance sheet probably didn't exist, effectively becoming the first insolvent company in the DAX 30, Germany's premier stock-market index.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

June 26, 2020 05:47 ET (09:47 GMT)

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