BY ULRIKE DAUER AND RUEDIGER SCHOSS
Wall Street Journal
AUGUST 31, 2010
FRANKFURT—Germany’s financial regulator has, in the first 12 months under new legislation, initiated removal procedures against 10 supervisory board members of banks because of a lack of qualifications, too many mandates or potential conflicts of interest, a spokesman said Tuesday.
The regulator, BaFin, is preparing further procedures for removal of other supervisory board members, the BaFin spokesman said, confirming a published report Tuesday. The spokesman declined to name individual banks affected, but said none of the banks was a large commercial bank or a systemic bank.
He also declined to specify how many other removal procedures are under preparation.
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