Focus - Requirements for Whistleblower Schemes in Financial Businesses

Date 27 sep. 2013
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In this newsletter, we focus on the future requirement on whistleblower schemes in Danish financial businesses. Both at EU-level and in Denmark, there is a strong political desire to introduce a requirement for financial businesses regarding whistleblower schemes. Despite the fact that it is uncertain when the European rules take effect, the Danish Financial Supervisory Authority has sent a bill (link in Danish) for consultation. The bill contains a requirement for financial businesses to establish a whistleblower scheme as of 1 January 2014. The short deadline means that financial businesses already at this point should consider how such a scheme could be introduced and enforced. In the following, we give an overview of what a whistleblower scheme is, how to introduce it and which key considerations should be made.