From 1 January 2014, internal whistleblower schemes will become mandatory within the financial sector. Schemes must be notified to the Danish Data Protection Agency no later than 8 November 2013.

New rules

New legislation is expected to come into force on 1 January 2014. From this date, it will be mandatory for the financial sector to have an internal whistleblower scheme.

The new act will ensure that the financial sector meets EU requirements on the establishment of whistleblower schemes.

Notification no later than 8 November 2013

All whistleblower schemes must be notified to and approved by the Data Protection Agency prior to the coming into force of the scheme.

The Agency has stated that notifications must be submitted no later than 8 November 2013 if the Agency is to have sufficient time to process the notifications, before the new rules come into force in 2014.

Procedure for notification

The Agency has introduced a special procedure concerning urgent notifications in relation to the approval of the financial sector's schemes. The sector may choose between a limited or an expanded procedure.

Only violations of the financial regulation may be reported under the limited procedure. The expanded procedure concerns more ordinary whistleblower schemes as we know them today.

Both procedures will meet the expected requirements for establishment of an internal scheme.

Adaptation of existing whistleblower schemes

Companies which already have an approved scheme must ensure adaptation of the scheme to ensure that it meets the new requirements.

The adaptation must be notified to and approved by the Agency.

Remember notification of the staff administration

In order for a whistleblower scheme to be approved, the company must first of all submit notification and obtain approval of its staff administration.

Notification of the staff administration must be submitted separately no later than 8 November 2013.

This notification may be submitted together with the notification of the whistleblower scheme.

We can help you

Horten can help you with the necessary notifications to the Agency.

We can also advise you on other legal aspects of whistleblower scheme, e.g. drafting of whistleblower policies and data processing agreements.

If you have any questions or just need an informal talk about whistleblower schemes, you are welcome to contact us.

For further information, see the guidelines (in Danish) of the Danish Data Protection Agency on datatilsynet.dk.

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