The European Securities and Markets Authority (ESMA) has identified “deficiencies” in Germany’s regulation of payments company Wirecard, which collapsed in June after an accounting scandal.

ESMA said its review of the events leading to the collapse of Wirecard and the supervisory response by German financial regulators BaFin and the Financial Reporting Enforcement Panel (FREP) had found a “number of deficiencies, inefficiencies and legal and procedural impediments”.