ADGM publishes consultation paper on Comprehensive Whistleblowing Framework
Abu Dhabi Global Market (ADGM), the International Financial Centre of the UAE’s capital, today announced the publication of a Consultation Paper on a proposed whistleblowing framework, reinforcing the continuous emphasis on transparency, accountability and market integrity from ADGM and its Regulatory Authorities.
The framework complements the ADGM’s existing regulatory frameworks and builds upon the publication of ADGM’s Guiding Principles on Whistleblowing in December 2022.
The measures in the paper aim to support the endeavours of ADGM market participants to operate in line with the highest global standards of business practice. As an international financial centre, building and maintaining frameworks that support a culture of speaking up with confidence are part of ADGM’s progressive business environment, nurturing transparency and investor confidence.
The proposals encompass:
• A dedicated regulatory framework that recognises and protects good faith reporting of ‘protected disclosures’ and those that make them.
• Explicit availability of internal and external channels for reporting reasonably held suspicion of breaches of ADGM legislation or financial crime.
• Good governance requirements to support whistleblowing for all entities.
• Non-retaliation protections integrated into existing employment regulations to guard employees against retaliation for speaking up.
The framework requires entities operating within ADGM to implement arrangements that are proportionate to the scale and complexity of their operations to support effective whistleblowing. Additional requirements apply to companies over a certain size or that carry additional financial crime risks.
Khoder Nashar
