- Professional News
- 17 October 2013
Deadline for notification of whistleblower schemes
By 8 November 2013, all financial institutions in Denmark must notify a whistleblower scheme to the Danish Data Protection Agency, according to new guidelines. The requirement is a result of new legislation coming into force on 1 January 2014 and requiring all financial sector companies to have a whistleblower scheme.
Before notifying the whistleblower scheme, the companies must decide if they wish to establish a limited whistleblower scheme in which only contraventions of financial regulation can be reported, or an extended whistleblower scheme which also meets the expected legislative requirements.
Companies which already have an approved whistleblower scheme must notify any changes to the scheme in order for it to meet the new requirements.
For a whistleblower scheme to be approved, the company must be authorised to process personal data in connection with staff administration. Companies that have not yet obtained such authorisation must submit a separate notification and application for authorisation by 8 November 2013.