Author: David Schwartz J.D. CPA
In a recent interview, Dr. Elke König, the head of Germany's Federal Financial Supervisory Authority (BaFin), called for the swift regulation of shadow banking and derivatives. Critical of the FSB's data gathering approach to shadow banking, König said that regulators must push ahead with regulating shadow banking and derivatives straight away. According to König, ignoring or slow walking these reforms will guarantee unpleasant surprises in the near future. Consequently, she sees it as her mission to rekindle progress in these areas.