Dodd-Frank Wall Street Reform and Consumer Protection Act: Impact on Employers

Dodd-Frank Wall Street Reform and Consumer Protection Act: Impact on Employers

Fulbright's Financial Reform Task Force
Cynthia M. Benedict and Blake W. Stribling

Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act authorized the SEC to reward whistleblowers for reporting violations of federal securities laws to the government and created a private cause of action for employees who are retaliated against in connection with making such reports.

The SEC's final rules implementing Dodd-Frank are codified in the Securities Exchange Act §21F ("Securities Whistleblower Incentives and Protection"). The rules, effective August 12, 2011, establish procedures (a) for making a report to the SEC of suspected securities laws violations, (b) for making a monetary reward to the whistleblower after a successful SEC enforcement action, and (c) for challenging the SEC's award amount.

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