The European Directive CRD lV was transposed into law by the State in March 2014, and obliges financial institutions to implement, before September 1, 2014, internal “whistle-blowing” mechanisms. The goal is to enable workers in the industry to use internal “whistle-blowing” systems or those of the regulatory authorities so as to report any potential or witnessed violations of financial regulations. Whistle-blowers can report on an anonymous basis thereby guaranteeing the ability to sound an alarm without fear of dismissal.
The legal provision. The law adopted on March 18, 2014 transposing the European Directive CRD lV provides for, amongst other things, a requirement for companies in the financial sector to adopt “whistle-blowing” mechanisms (Whistleblowerordningen). It applies to all financial institutions under Danish financial regulatory control: the big banks, mortgage and lending institutions, insurance companies, and small company pension funds (with more than five employees). Most of the country’s financi
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