13 Reporting of breaches to competent authorities

In accordance with article 22 of Directive (EU) 2019/2034, competent authorities should establish effective and reliable mechanisms to enable investment firm s’ staff to report to competent authorities relevant potential or actual breaches of Regulation (EU) No 2019/2033 and national provisions transposing Directive (EU) 2019/2034. These mechanisms should include, as a minimum:

• a. specific procedures for the receipt of reports on breaches and follow-up, for instance a dedicated whistleblowing department, unit or function;
• b. appropriate protection as referred to in Section 13;
• c. protection of the personal data of both the natural person who reports the breach and the natural person who is allegedly responsible for the breach, in accordance with Regulation (EU) 2016/679 (GDPR); and
• d. clear procedures as set out in Section 12.

Without prejudice to the possibility of reporting breaches through the competent authorities’ mechanisms, competent authorities may encourage staff to first try and seek to use their investment firms ’ internal alert procedures .