Regime is the first of its kind to be introduced by a financial service regulator in UAE
Dubai: The Dubai Financial Services Authority (DFSA) on Thursday launched a set of regulations aimed at protecting whistleblowers.
The regime applies to all DFSA regulated entities operating in or from the Dubai International Financial Centre (DIFC).
Dubai’s financial watchdog said the regulatory 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 seeks 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. 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.
“Whistleblowers form a key part of a firm’s ability to detect, identify and escalate issues of misconduct, and the required Whistleblower policies and procedures play an important role in encouraging appropriate disclosures,” said F. Christopher Calabia, CEO of the DFSA.
“We expect all regulated entities to be ready to discuss and demonstrate the application of their policies and procedures when engaging with the DFSA.”
Changes have been made to the Regulatory Law 2004 to enhance the legal protection provided to persons (for example, officers, employees...
Select an option below to continue reading this premium story. Already a Honolulu Star-Advertiser subscriber? Log in now to continue reading. Get unlimited access From as low as $12.95 /mo.