GERMANY TIGHTENS STOCKMARKET REGULATION

Germany’s upper house of parliament has passed a new financial services act, clearing the way for tighter regulation of the country’s stockmarkets. The bill is intended to increase scrutiny of equity markets following a wave of scandals involving share trading on smaller listed firms. Germany’s latest legislation follows a recent move to transform regulation of its financial services industry by slimming down the management directorate of its central Bundesbank while setting up a super-regulator for the country’s financial services sector, along similar lines to the UK’s Financial Services Authority.