Whistleblowing in the EU Banking and Financial Sector : Theory and Practice.

Format:

Book

Author/Creator:

Kafteranis, Dimitrios.

Series:

Hart Studies in Commercial and Financial Law Series

Language:

English

Subjects (All):

Banking law.

Financial institutions, International.

Physical Description:

1 online resource (297 pages)

Edition:

1st ed.

Place of Publication:

Oxford : Bloomsbury Publishing Plc, 2026.

Summary:

Provides guidance to the laws of whistleblowing in the EU banking and financial sector.

Contents:

Cover

Half-Title Page

Reviews

Title Page

Imprint

Dedication

Foreword

Acknowledgements

Contents

Table of Cases

Table of Legislation

Introduction

I. Introducing Whistleblowing to the Legal World

II. The First Coup: The Financial Crisis of 2002-2003

A. Second Coup: The Financial Crisis of 2009-2010

III. Consequences for Europe: The Case of Ireland

IV. The Influence on the European Union: Changing the Rules in the

V. Hiding in Europe, in Luxembourg or … Everywhere.

A. What Happened in Europe?

VI. Structure of the book

1. The International Legal Framework: An Overview of International and ECHR Law

I. The Role of Legal Provisions

II. International Legal Framework

A. Corruption and the United Nations: The First Steps on the International Arena

B. Reasons to Adopt a UN Convention on the Protection of Whistleblowers

III. The First in Europe: Council of Europe (CoE)

A. Combatting Corruption: The Work of the Council of Europe

B. Moving Forward: The Way Towards the Recommendation CM/Rec(2014)7

C. The EU Directive's Touch: Follow the Leader

D. Concluding: The Impact of CoE on Whistleblowers' Legal Protection

E. From Corruption to Freedom of Expression: The European Court of Human Rights (ECtHR)

F. The 'Triple Test' of Article 10(2) ECHR

G. The Six Criteria Developed by the Court in the Guja Decision

H. The Dilemma: The Public and Private Sector

I. The First Corporation-Whistleblower Case: Halet v Luxembourg

J. Is it the End: Unsuitability of the Good Faith Criterion

K. Who Dares to Define Public Interest?

L. Thinking of the Employer

M. Authenticity: Should it be the First to be Controlled?

N. Mind the Gap: Internal, Authorities, and Public Disclosures

O. To Punish or Not to Punish?

IV. Concluding Remarks.

2. The US Legal Answers as a Blueprint for Europe

I. Understanding Whistleblowing in the US

A. The First US Law on Whistleblowers: The False Claims Act

B. Combatting Tax Wrongdoings: The Internal Revenue Service Whistleblowing Programme

C. Responding to Corporate Failures: The Protection of Whistleblowers under the Sarbanes-Oxley Act

D. Enhancing Capital Markets Transparency and the Protection of Whistleblowers under the Dodd-Frank Act

E. Whistleblowers in the Fight against Money Laundering

3. Sectoral Provisions on the Protectionof Whistleblowers in the EU Bankingand Financial Sector

I. The Adoption of Whistleblowing Provisions in the EU Banking and Financial Area

A. Sectoral Provisions in the EU Banking Sector

B. Ariadne's Thread: Sectoral Provisions in the EU Financial Sector

C. Confusion of Whistleblowers in the Anti-Money Laundering Area

D. Puzzled and Confused Whistleblower

4. A Controversial Legal Basis to Address an Urgent Need for an EU Protection of Whistleblowers

I. The Rocky Way towards the EU Directive on the Protection of Whistleblowers

A. The European Parliament's Pressure with its Resolutions

B. Finally, the Proposal for a Directive by the Commission

II. Defining the Directive: The Puzzle of Legal Bases

A. The Proposal for a Directive: The Multiplicity of Legal Bases

B. Wisdom from the Legal Committees

C. The Final Decision on the Legal Bases

D. Is the Whistleblower Stable? Remarks on the Choiceof Legal Bases

E. When It All Goes Wrong: Criminal Law

5. Shaping The Concept of Blowing the Whistle: Definition

I. Unveiling: Who is the Person Behind the Whistleblower?

A. The Definition of the Whistleblower

B. Natural Person

C. Public, Private Sector and EU Officials

D. Work-Related Context

E. The French Approach to the Question of Work-Related Context.

F. The Meaning of Worker

G. The Innovative Definition of the Whistleblower under the Directive

H. Framing the Reasonable Grounds Concept

I. Information About a Breach

J. Uncovering the Concept of the Self-Standing Criminal Offence

K. Do We Really Care About the Motive of the Whistleblower?

L. Public Interest or Not: The Dilemma

6. The Dilemma for the Whistleblower: Report Internally or Externally?

I. The Proceduralisation of Blowing the Whistle

II. To Whom to Trust my Reporting: National Legislations and the ECtHR Case Law

III. The Innovative Approach of the EU Directive

A. The Proposal for a Directive: The Commission's Insistence on Compulsory Internal Reporting

B. Heated Debate in the EU Parliament

C. The Influence from the Other Side of the Atlantic

D. Victory for the Whistleblowers: The Final Text of the Directive

IV. Internal and External Reportingto the Authorities

A. Why the New Approach adopted by the Directive is Innovative?

V. Encouraging, not Obliging, Internal Whistleblowing: A Tool for Internal Compliance

A. The General and Vague Meaning of Information

B. What Should Employers Do? Step One: Establish Internal Reporting Channels

C. Step Two: Designing the Reporting Channels

VI. Internal Helpful and Compliance Tool: Blowing the Whistle in your Workplace

A. The First Choice: Report to your Boss

B. When It Goes Wrong: The Problematic Aspects of Internal Whistleblowing

VII. Enforcing the Law: The Whistleblower as a Deus ex Machina for the Competent Authorities

A. Obligation to Establish Independent External Reporting Channels

B. Form of Reporting

C. Training of Staff Members

D. Record-Keeping Rules

E. Rights of Whistleblowers

F. Duties of Competent Authorities: Public Access to Whistleblowing via Competent Authorities.

G. Powers of the Competent Authorities vis-à-visthe Reports Made

VIII. Who Will Enforce EU Law: God Savethe Whistleblower

A. The Challenging Nature of Enforcing EU Law

B. Private Enforcement in the US

C. The EU's Perspective on the Whistleblower as an Enforcement Tool

IX. The Competent Authorities

A. Reporting to European Authorities

B. An EU Office for the Whistleblowers

X. The Particular Status of the ECB and the ESMA

A. The Big Banker: What can the ECB do for the Whistleblowers?

B. A Queen Without Powers: The Case of ESMA

XI. Public Disclosure or What to Think at the End

A. The Last Resort: Disclosing to the Public

B. Achieve the Impossible: Defining the Public Interest

C. Avoiding the 'Evil': Limiting Public Disclosures

7. Elements of Protection for Whistleblowers

I. Risks and Perils for the Whistleblower: Retaliation and Liabilities

A. Retaliation against the Employee who Blows the Whistle

B. Risk of Liabilities for Blowing the Whistle

II. The Protection of the Whistleblower as Designed by the Directive

A. The Directive's Anti-Retaliation Protection

B. Liabilities and the Confusing Wording of the Directive

C. The Imperfect Shield against Criminal Liability in the Interplay between European and National Levels

D. Measures to Support the Whistleblower

E. Rights for the Alleged Wrongdoers and the Persons Associated with

F. Penalties for Those Impeding Whistleblowing

G. Penalties Against Abusive Reports

H. Anonymity and Financial Rewards

I. Staying Anonymous: Does it Really Help the Whistleblower?

J. Financial Rewards or Not for the Whistleblower?

K. Transposing the Directive: non-regression clause

Concluding Remarks

I. Conclusion: An Important but Challenging Directive

II. Challenges Ahead.

A. EU Banking and Financial Sector: The (Problematic) Co-Existence of Sectoral Provisions and the Directive

B. Multi-Level Enforcement and Whistleblowers' Survival

C. Structural Changes in the Procedure: The Need for an EU Office on the Protection of Whistleblowers

D. Future Solutions: Anonymity and Financial Rewards

E. A Possible Clash between the Directive and the ECtHR Approach

Bibliography

Index.

Notes:

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Other Format:

Print version: Kafteranis, Dimitrios Whistleblowing in the EU Banking and Financial Sector

ISBN:

9781509977468

OCLC:

1595739602