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Schaeuble Seeks to Cut Banks From Market Regulator, Spiegel Says

Feb. 26 (Bloomberg) -- Finance Minister Wolfgang Schaeuble is seeking to remove banking representatives from the board of Germany’s BaFin financial-market regulator and replace them with academics or members of research institutes, Der Spiegel reported, without saying how it got the information.

Schaeuble’s goal is to reduce the influence of the bank lobbies, which currently have a vote on the BaFin’s board along with government representatives, the magazine said today.

To contact the reporter on this story: Tony Czuczka in Berlin at aczuczka@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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