{"title":"The whistle-blower as a private enforcement tool in the EU banking sector: call for clarity","authors":"Dimitrios Kafteranis","doi":"10.1057/s41261-024-00238-x","DOIUrl":null,"url":null,"abstract":"<p>Following the financial crises and several scandals, the issue of whistleblowing has re-emerged for the banking and financial sector. These events led the EU to adopt provisions on whistleblowing in several EU legal acts concerning the banking sector such as in the Single Supervisory Mechanism. On October 2019, the EU adopted the Directive on the protection of persons who report breaches of Union law (Directive on the protection of whistle-blowers). The EU decided to offer to the Member States a new enforcement tool, inspired, probably, by the long-existing US model on the use of whistle-blowers as private enforcers. The first part of the article will analyse the relationship between private enforcement and whistleblowing under EU law. In the second part of this article, whistleblowing in the EU banking sector will be scrutinised and it will be argued that the sectoral provisions in the banking sector should be replaced by the Directive to ensure clarity for whistle-blowers.</p>","PeriodicalId":15105,"journal":{"name":"Journal of Banking Regulation","volume":"24 1","pages":""},"PeriodicalIF":1.3000,"publicationDate":"2024-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Banking Regulation","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1057/s41261-024-00238-x","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
Following the financial crises and several scandals, the issue of whistleblowing has re-emerged for the banking and financial sector. These events led the EU to adopt provisions on whistleblowing in several EU legal acts concerning the banking sector such as in the Single Supervisory Mechanism. On October 2019, the EU adopted the Directive on the protection of persons who report breaches of Union law (Directive on the protection of whistle-blowers). The EU decided to offer to the Member States a new enforcement tool, inspired, probably, by the long-existing US model on the use of whistle-blowers as private enforcers. The first part of the article will analyse the relationship between private enforcement and whistleblowing under EU law. In the second part of this article, whistleblowing in the EU banking sector will be scrutinised and it will be argued that the sectoral provisions in the banking sector should be replaced by the Directive to ensure clarity for whistle-blowers.
期刊介绍：
Under the guidance of its highly respected Editors and an eminent and truly international Editorial Board?Journal of Banking Regulation?has established itself as one of the leading sources of authoritative and detailed information on all aspects of law and regulation affecting banking institutions.Journal of Banking Regulation?publishes in each quarterly issue detailed briefings analyses and updates which are of direct relevance to practitioners working in the field while meeting the highest intellectual standards.Journal of Banking Regulation?publishes the latest thinking and best practice on:Basel I II and IIIModels for banking supervisionInternational accounting standardsDeposit protectionEnforcement decisions in banking regulation and supervisionCross-border competition in banking servicesCorporate governance in banksHarmonisation in banking marketsSupervising credit riskAnti-money laundering legislation and regulationsMonetary integrationRisk capital and capital adequacySystemic risk in banking operationsCross-border regulationCross-border bank insolvencyModels for banking riskEssential reading for:central bankersbanking supervisorsfinancial regulatorsbankerscompliance officersheads of risk managementpolicy makersbank associationslawyers specialising in banking lawaccountantsinternal and external bank auditorsacademics and researchers
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