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EU prudential supervision: classifying institutions as significant or less significant following Wirecard’s collapse
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The ongoing transformation from traditional banking to highly digitalized operations using automation and alternative intelligence has failed to reduce financial and non-financial risks. Banks operating in the financial technology or neo-bank (fintech) space are creating similar risks such as excessive debt, inadequate governance or financial crime. This article analyses the division of supervisory powers in the European Union (EU)’s Single Supervisory Mechanism (SSM) between the European Central Bank (ECB) and National Competent Authorities (NCAs) in light of the accounting scandal at German fintech Wirecard. It revisits the SSM’s classification test as well as take-over option and proposes a flexible, risk-based approach.
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