Simon Airey, Hamid Yunis and Joshua Domb of McDermott Will & Emery give the lowdown
In brief:
· On 7 April 2022, the Dubai Financial Services Authority (DFSA) introduced a new whistleblowing regime (the Regime).
· The Regime has significant parallels with that enforced in the United Kingdom by the Financial Conduct Authority (FCA), although some of the more advanced requirements incorporated into the FCA’s regime are yet to be introduced by the DFSA.
· The Regime aims to provide better legal protection for those who report concerns within the Dubai International Financial Centre (DIFC), improve whistleblowing culture in DFSA regulated entities, encourage greater reporting (both internally and to the DFSA) and promote an ethical culture within the DIFC by deterring wrongdoing.
· DFSA regulated firms must immediately implement an appropriate whistleblowing programme (no grace period for implementation is provided by the Regime).
On 7 April 2022, changes to DIFC Regulatory Law 2004 and the DFSA Rulebook came into force, to implement proposals consulted on by the DFSA in 2021 concerning a whistleblowing regime. The Regime applies to all entities regulated by the DFSA (Regulated Entities), which must now introduce appropriate measures.
Who is a whistleblower?
The Regime defines a whistleblower as any person who, in good faith, discloses a reasonable suspicion that a Regulated Entity (including its officers or employees) is, has or might have been:
· in contravention of a...
New Delhi / Atlanta: Indian-origin doctor Dr. Jitendra Patel, along with his Atlanta-based clinic Advanced Urology, has agreed to a settlement of approximately 161 crore (USD 14 million) to resolv...