On 7 July 2021, the Dubai Financial Services Authority ("DFSA") released Consultation Paper No. 141 ("CP 141"), proposing the introduction of measures aimed at ensuring a more consistent approach to reporting and recording misconduct by DFSA-regulated entities (the "Whistleblowing Regime").
Changes to the DIFC Regulatory Law 2004 (the "Regulatory Law") and the DFSA Rulebook, made to implement the Whistleblowing Regime, announced on 16 March 2022, will come into force on 7 April 2022, and reflect the proposals made in CP 141.
This Briefing Note addresses the core questions that all DFSA-regulated entities should ask themselves as part of their preparations for implementation of the Whistleblowing Regime.
Does the Whistleblowing Regime apply to me?
The Whistleblowing Regime applies to all persons regulated by the DFSA as an Authorised Firm, Authorised Market Institution, Designated Non-Financial Business or Profession, or Registered Auditor (as those terms are defined in the DFSA Rulebook, together, "Regulated Entities").
Who is a 'whistleblower'?
Any person who makes a qualifying disclosure of information to a specified person will be a 'whistleblower' for the purposes of the new Article 68A of the Regulatory Law, even if they make that disclosure anonymously.
A qualifying disclosure is a disclosure of information, made in good faith, that relates to a reasonable suspicion that a Regulated Entity, or any of its employees or officers, has or may have:
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