Greece’s securities regulator is introducing new rules allowing individuals to report suspected financial-market violations anonymously or by name, strengthening whistleblower protections as the country seeks to bolster investor confidence and market transparency.
The Hellenic Capital Market Commission, Greece’s equivalent of the U.S. Securities and Exchange Commission, has adopted a regulatory framework establishing secure reporting channels, confidentiality safeguards and procedures for handling allegations of misconduct.
The decision, issued Sept. 24, represents the first major revision of the framework in six years.
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The rules cover suspected market manipulation, insider trading, breaches of investment-services regulations, investor-protection violations and potential money laundering.
Under the new system, whistleblowers can submit complaints through dedicated email addresses, postal correspondence, telephone hotlines or private meetings with specially trained regulatory officials.
Anonymous reporting is explicitly permitted, removing a potential obstacle for employees and market participants concerned about retaliation.
Telephone conversations may be recorded, while individuals reporting misconduct in person will have opportunities to review and correct meeting records when their identities are known.
The regulator will assign specially trained personnel to receive complaints, maintain communication with whistleblowers and oversee their handling.
Written complaints will receive prompt acknowledgment when contact information is available, unless the individual requests otherwise.
A central feature of the framework is protection against retaliation.
Employees who disclose suspected wrongdoing will be informed about available legal remedies and safeguards against discrimination, dismissal or other adverse treatment. The commission may also cooperate with other authorities to protect whistleblowers.
Importantly, disclosures made to the regulator under the applicable legal provisions won't be considered violations of contractual confidentiality restrictions.
The rules also protect individuals accused of misconduct, requiring the identities of both whistleblowers and subjects of complaints to remain confidential.
Information will be stored in secure electronic systems accessible only to authorized personnel.
Confidentiality, however, isn't absolute. Identities may be disclosed when required under Greek or European Union law, including during investigations or judicial proceedings, subject to legal safeguards.
The commission must review its reporting procedures at least every two years to account for technological developments and changing market conditions.
The overhaul comes as Greece seeks to deepen its capital markets and attract international investment.
