Wirecard constitutes not only a major scandal in Germany but also touches some fundamental concepts of European corporate and capital market law and will therefore dominate the discussion for further reforms for several years. This discussion will touch general questions of corporate governance, the examination of financial reports, the role of auditors, the (current) market abuse regime and yet again short sellings. Some reforms are in a way self-evident and will probably be undertaken within this or next year. This is especially the case for a (further) reform of the regulation of auditors and for a reform of the regulation of the examination of financial reports. For both areas – usually stricter – concepts already exist and will this time have a better chance to be enacted. Therefore, Wirecard might turn to be a bad case that hopefully does not make bad law. However, there also are other aspects such as the relation of the market abuse regime and financial reporting that might require a deeper and longer analysis before concrete legislative measures can be put into place. The same applies for a further reform of the corporate governance of listed corporations, the regulation of short sellings and especially for the creation of a European framework for invalid (or false) financial reports. For these aspects Wirecard might constitute some kind of promoter for a further harmonization. This paper gives a short summary of the already publicly known facts of the Wirecard scandal, analyses how European Company and Financial Law was involved and identifies the challenges for a reform of European Company and Financial Law.

中文翻译：

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Wirecard 和欧洲公司和金融法

线卡不仅在德国构成重大丑闻，而且涉及欧洲公司法和资本市场法的一些基本概念，因此将主导未来几年的进一步改革讨论。本次讨论将涉及公司治理、财务报告审查、审计师的作用、（当前）市场滥用制度以及再次卖空等一般问题。一些改革在某种程度上是不言而喻的，可能会在今年或明年进行。对于审计师监管的（进一步）改革和财务报告审查监管的改革尤其如此。对于这两个领域——通常是更严格的——概念已经存在，并且这次将有更好的机会被制定。所以，线卡可能会变成一个糟糕的案例，希望不会成为坏法律。但是，还有其他方面，例如市场滥用制度和财务报告的关系，可能需要进行更深入和更长时间的分析，然后才能实施具体的立法措施。这同样适用于上市公司的公司治理、卖空监管的进一步改革，特别是建立欧洲无效（或虚假）财务报告框​​架。对于这些方面线卡可能会成为进一步协调的某种推动者。本文简要总结了已经公开的事实线卡丑闻，分析了欧洲公司和金融法是如何参与的，并确定了欧洲公司和金融法改革的挑战。