179-22 Implementation of whistleblowing policy
(1) The Governing Body of an AIFC Participant must ensure that the AIFC Participant's whistleblowing policy is fully implemented.
(2) In particular, the AIFC Participant's Governing Body must take reasonable steps to ensure that a Protected Reporter, anyone who assists in investigating a Protected Report, and anyone who cooperates in the investigation, are protected against retaliation and any other action causing detriment.
(3) An AIFC Participant must nominate an appropriately senior individual to oversee the implementation of the whistleblowing policy.
(4) An AIFC Participant that receives a Protected Report must notify the AFSA within five business days.
(5) An AIFC Participant's Governing Body must ensure that the whistleblowing policy is reviewed and, if necessary, updated at least once every three years by:
- (a) the AIFC Participant’s internal auditor; or
- (b) an independent and objective external reviewer.
(6) An AIFC Participant must provide regular training for all of its Employees on its whistleblowing policy and any relevant procedures contained in the policy. In particular, the AIFC Participant must provide appropriate specialist training for the Employees who are responsible for key elements of the policy.
(7) An AIFC Participant may outsource the implementation of its whistleblowing policy. If the AIFC Participant does so, it must ensure that the outsourcing agreement:
- (a) nominates the individual referred to in subsection (3); and
- (b) otherwise provides appropriately for the implementation of the firm’s obligations under the policy.
(8) In the event that the AIFC Participant outsources the implementation of its whistleblowing policy, its rights and obligations under this Part shall remain unaltered, notwithstanding anything to the contrary in the outsourcing agreement.