Integrated and efficient markets require the existence of sound and stable market structures. The smooth functioning of the markets can boost public confidence and create economic growth. Market abuse harms the idea of integrated markets and undermines people’s confidence in the financial system. It is essentially the product of insider dealing and market manipulation.

On the other hand, at Union level, reports and public disclosures by whistleblowers are one upstream component of enforcement of Union law and policies. They feed national and Union enforcement systems with information, leading to effective detection, investigation and prosecution of breaches of Union law, thus enhancing transparency and accountability. However, potential whistleblowers are often discouraged from reporting their concerns or suspicions for fear of retaliation. In this context, the importance of providing balanced and effective whistleblower protection is increasingly acknowledged at both Union and international level (Directive (EU) 2019/1937).

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