- Professional News
- 01 November 2013
Deadline for notification of whistleblower schemes extended
The Danish FSA has postponed the implementation of the new requirements for financial undertakings set forth in the CRD IV package. As a result, the deadline for notification of whistleblower schemes to the Danish Data Protection Agency has been extended.
The Danish Financial Supervisory Authority (FSA) has postponed the implementation of the provisions of the Capital Requirements Directive (CRD IV) package. As a result, the deadline for notification of mandatory whistleblower schemes to the Danish Data Protection Agency has been extended. According to the FSA, the implementation deadline for whistleblower schemes has been extended to the first quarter of 2014 giving companies more time to get things in place. Read more about the deadline for notification of whistleblower schemes.
Companies with less than five employees may be exempted
As a new feature, the Danish government has announced that the requirement of a whistleblower scheme will only apply to companies with more than five employees, to the extent that it is compatible with EU law.
It has not been specified in detail when the maximum of five employees is compatible with EU law. However, since the CRD IV including legislative acts target the banking sector, it probably means that the exemption will not include financial institutions which are directly subject to the provisions of the CRD IV or similar regulation in specific areas, unless the exemption is provided for in one of the EU Directives.
A new feature as compared to the original bill is the authorisation of the Danish Minister for Business and Growth to lay down special rules to delimit which employees are to be defined as significant risk takers within the fields of insurance and pension.
The bill which is to implement the CRD IV package went out to consultation on 28 June 2013. According to plan, the bill was to be introduced to the Danish Parliament in November 2013, but this has been postponed until January 2014.