The whistleblowing measures introduced by the Dubai Financial Services Authority (DFSA) have come into force.
The changes to the DFSA rulebook were announced last month. According to the regulator, they are the “first of its kind” to be implemented in the UAE and will apply to all regulated entities operating out of the Dubai International Financial Centre.
This includes authorised firms, market institutions, non-financial businesses and registered auditors.
The DFSA stated that the regime is designed to offer legal protection for those who report misconduct internally and to provide more transparency around the way regulatory complaints are handled.
The regime also aims to “improve the whistleblowing culture” at its regulated entities and requires that firms put in place measures to protect the identity of anyone that raises a complaint.
“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 DFSA chief executive Christopher Calabia.
“We expect all regulated entities to be ready to discuss and demonstrate the application of their policies and procedures when engaging with the DFSA,” he added.
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