Bulgaria Passes Whistleblower Protection Law, Companies Must Comply by May
A New Era of Transparency and Accountability in Bulgaria
Sofia, Bulgaria - The Bulgarian Parliament has adopted a groundbreaking law aimed at protecting whistleblowers who report breaches of various laws and regulations. The Act on the Protection of Persons Who Report Breaches, also known as the Whistleblowing Act, will come into force in three months’ time, requiring companies with over 249 employees to establish internal reporting channels by May 2023.
Implementing EU Requirements and Introducing New Concepts
The new law implements the requirements of the EU Whistleblower Directive and introduces entirely new concepts and procedures in Bulgarian law. Companies will need to adapt to these changes quickly, as they have only a few months to prepare and implement the necessary procedures. The Act provides for a number of obligations for companies, including:
- Establishing internal reporting channels
- Prohibiting retaliation against whistleblowers
A Broader Scope of Application than Similar Laws in Other EU Member States
The Whistleblowing Act has a wider scope of application than similar laws in other EU member states, providing benefits to individuals who report breaches of general criminal law and employment legislation. This means that international companies operating in Bulgaria will need to adapt their existing whistleblowing channels and policies to comply with the local requirements.
Expected Benefits for Business Integrity and Transparency
Experts believe that the new law will increase business integrity and transparency in Bulgaria, making it a more attractive location for international businesses. Whistleblower protection laws have been shown to improve business efficiency and profitability when implemented correctly.
Guidance and Support for Companies
In the coming weeks, lawyers at [Law Firm] will publish further guidance on the Bulgarian Whistleblowing Act, including practical tips for companies on how to prepare themselves for compliance with this landmark piece of legislation.