The Dubai Financial Services Authority (DFSA) has today launched its regulatory regime for Whistleblowing. The regime is the first of its kind to be introduced by a financial service regulator in the UAE and applies to all DFSA Regulated Entities operating in or from the Dubai International Financial Centre (DIFC).
The regime provides enhanced legal protection for persons who report misconduct internally within DFSA Regulated Entities or externally to their auditor, the DFSA or a law enforcement agency. It also aims to improve the Whistleblowing culture in these Entities by increasing transparency around how they handle regulatory concerns, assess those concerns and, where appropriate, escalate those concerns. Importantly, a DFSA Regulated Entity must also put in place measures to protect the identity of the Whistleblower and to protect them from suffering any detriment.
The regime, which builds on existing requirements, aims to help provide better legal protection for persons who report regulatory concerns, improve the Whistleblowing culture in DFSA regulated entities and increase transparency around how those entities will handle regulatory concerns; encourage more disclosures of regulatory concerns; and deter wrongdoing, promote better compliance and an ethical culture, by increasing awareness that there is a higher likelihood that wrongdoing will be reported.
Also published on Medium.
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