New requirement for whistleblowing schemes according to coming Market Abuse Regulation
The European Market Abuse Regulation, MAR, enhances transparency and accountability, and requires organizations to implement mechanisms to detect and prevent market abuse within their operations.
In this context, MAR introduces new provisions for whistleblowing, it requires employers that carry out activities that are regulated by financial services regulation to have in place appropriate internal procedures for their employees to report infringements of the regulation.
These aspects guarantee compliance with the new rules:
- Have an internal whistleblowing channel in place. Via this channel, employees can report incidents of failing to comply with MAR, and disclosures can be followed up on.
- Secure the whistleblower’s anonymity.
- Protect your whistleblower. People reporting misconduct within the rules of MAR legislation are not allowed to be retaliated against.
The provisions of the new EU regulation emphasize how crucial a robust and secure whistleblowing service, combined with thorough processes for handling reports, is when it comes to effective and profitable management. Dealing with tip-offs within the company not only prevents external scandals, it also increases a business’ productivity. Since most whistleblowers prefer to make their disclosure internally, providing safe channels also enhances employees’ trust.
WhistleB provides a comprehensive whistleblowing service that meets the requirements of recent legislation in a changing business community.
You are welcome to contact us on: firstname.lastname@example.org or visit us on www.whistleb.com