UK's FCA Imposes Requirements on Wirecard Card Solutions
26 Juni 2020 - 12:02PM
Dow Jones News
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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