Board Agenda: Approve Whistleblower Policy And Develop Communication Plan

By the end of 2021, many companies in Luxembourg will need to have appropriate protocols in place to facilitate whistleblowing. For some, this will be an incremental improvement. For others, this is new territory. Draft legislation has not yet been published which will mean a compressed timeline for compliance.

As compliance professionals, management, and the board of directors in financial services prepare for the final quarter of a challenging year, a last-minute legislative item to plan for now is the EU bloweWhistler Directive (the Directive) which must be transposed into Luxembourg law by 17 December 2021. Legal entities in the private sector with between 50 and 249 workers can benefit from an extension until 17 December 2023 to put in place internal reporting channels. The new legislation will apply broadly across all sectors and will increase the protections for whistleblowers interacting with banks, asset managers, insurers, professionals of the financial