The new Italian whistle-blower law demands companies to allow whistleblowing channels while maintaining confidentiality.
- the definition of whistleblower has been expanded
- same for that of “potential misconduct”,
- anonymous disclsures will be allowed,
- protection will be bolstered, and
- the duty for large companies to adopt and enforce related policies.
Thanks to the DFA, SEC awarded since 2011, $153m to 43 whistleblowers.
In the Somer case, the vice president of a public company reported possible securities law violations to senior management.
One of the acts conferring Dodd-Frank whistleblower protection under Section 21F is making the disclosures required by SOX, which protects those reporting securities laws violations through internal channels.
Yet Section 21F also defines the word “whistleblower” to require a person to provide information about a violation to the SEC, and Somers had not done that before being fired.
Therefore, the issue was whether the fact that the plaintiff did not report to the SEC meant he was not a “whistleblower” and hence could not sue under Dodd-Frank.
Pecuniary fines held but detention period significantly reduced. Is it, hopefully, the begin of a path in favour of whistleblowing in Europe?
The French parliament has recently doubled the proscription deadline for some forms of corruption, misuse of public goods etc, but between the lines you can also find the so-called “hidden/concealed” mishandling, which didn’t have a prescription term earlier on.
To-be-launched yet, but a promising KYC system (Know Your Customer, for the records). This software allegedly simplifies trust and complex corporate structures and extract trust deeds.
UK. In a phase when the whole world is giving more attention to whistleblowing, where US and EU are according more protection to whistelblowers, in order to tackle financial crimes, what’s better than leaving EU to not be subject to this course?
UK is reportedly trying to criminalise whistleblowing by embittering jail from 2 to 14 (!) years and including such actions within the definition of “espionage”.
Needless to say that such move is not meeting the favour of lawyers and jurists and that the most important organisations involved have not been consulted.
$10b washed across UK and US and only $630m (425 NYDFS + 2014 in FCA) of fine?
DB allegedly purchased stock from its Moscow HQ and sold it to UK and US markets between 2012 and 2015.