The Dubai Financial Services Authority (DFSA) has today launched its regulatory regime for Whistleblowing. The regime is the first of its kind to be introduced by a financial service regulator in the UAE and applies to all DFSA Regulated Entities operating in or from the Dubai International Financial Centre (DIFC).

The regime provides enhancedlegal protection for persons who report misconductinternally within DFSA Regulated Entities[1] or externally to their auditor, the DFSA or a law enforcement agency. It also aims to improve the Whistleblowing culture in these Entitiesbyincreasing transparency around how theyhandle regulatory concerns,assess those concerns and, where appropriate, escalate those concerns. Importantly, 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.

F. Christopher Calabia, Chief Executive of the DFSA remarked: “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. We expect all Regulated Entitiesto be ready to discuss and demonstrate the application of their policies and procedures when engaging with the DFSA.”

An in-depth explanation of the regime can be found here.