ADGM has published a consultation on whistleblowing framework

At a glance

• Abu Dhabi Global Market (ADGM) has published a consultation paper on a proposed whistleblowing framework.
• The framework builds upon the ADGM’s Guiding Principles on Whistleblowing which were published in December 2022.
• The framework aims to support ADGM market participants to operate in line with the highest global standards of business practice.
• The proposals include a dedicated regulatory framework for good faith reporting, availability of internal and external channels for reporting breaches, and good governance requirements to support whistleblowing.
• Non-retaliation protections are integrated into existing employment regulations to protect employees against retaliation for speaking up.
• Entities within the ADGM are required to implement arrangements supporting effective whistleblowing, with additional requirements for larger companies or those with additional financial crime risks.
• The consultation closed on 30 April 2024 and a response is now awaited.