Abu Dhabi’s Global Market (ADGM) has launched a consultation on a comprehensive whistleblowing framework. It ends on 30 April 2024.

It will complement the Global Market’s existing regulatory framework and expand upon the publication of the Global Market’s Guiding Principles on Whistleblowing in December 2022.

The proposed measures will support the Global Market’s efforts to ensure market participants to operate in line with the highest global standards of business practice.

The measures include the establishment of a dedicated regulatory framework that recognises and protects good faith reporting of protected disclosures and those making them.

They also include making internal and external channels explicitly available for reporting reasonably held suspicion of breaches of Global Market legislation or financial crime.

In addition, they include good governance requirements to support whistleblowing for all entities and integrating non-retaliation protections into existing employment regulations to guard employees against retaliation for speaking up.

Affected entities will have to implement arrangements that are proportionate to the scale and complexity of their operations to support effective whistleblowing. Additional requirements will be imposed on companies over a certain size or with additional financial crime risks.

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