Confused and not protected: the case of whistle-blowers in the EU banking and financial sector

For a long period of time, the European Union (EU) has not had whistle-blowing in its policy agenda. Despite pressure from the European Parliament and other non-institutional actors, the European Commission was reluctant to propose legislation on the protection of whistle-blowers. Nonetheless, the situation changed in 2018 when the European Commission presented its proposal for a Directive on the protection of persons who report breaches of Union law.1 Following its proposal, the Directive on the protection of persons who report breaches of Union law (Directive on the protection of whistle-blowers hereinafter) was adopted in October 2019 and the transposition period ended in December 2021.2

The Directive on the protection of whistle-blowers is a milestone for whistle-blowers in the EU.3 Common minimum rules are now available to whistle-blowers across the EU Member States that will provide more clarity on the rules for whistle-blowers and ensure whistle-blowers’ protection. The whistle-blower is clearly and widely defined in the Directive allowing for more persons in a work relation to come forward, report and be protected. The procedural paths on how to blow the whistle are properly designed, providing great flexibility to whistle-blowers. Finally, the protection of whistle-blowers is significant, covering anti-retaliation protection in the workplace, civil, administrative and criminal liability. The Directive is a promising text which provides clarity and protection to whistle-blowers