New board for German regulator

A new board will govern BaFin, the German banking supervision agency, following an internal fraud scandal that gripped the agency in 2006.

According to reports, Thomas Mirow, the country's deputy finance minister, said on 21 May that Jochen Sanio, the president of BaFin, will share management and oversight responsibilities with a five-member board.

Under the new arrangements, Sanio will be a board member along with his deputy and the heads of supervision for banking, insurance and financial mar