Securities

Recent Posts

SEC: Whistleblower Protections Extend to Those Who Report Internally
Posted on 18 Feb 2015 by Doug Esten

A critical component of the SEC’s whistleblower program is the anti-retaliatory provisions of Exchange Act Section 21F, added to the statute by the Dodd-Frank Act. To implement that provision the Commission promulgated two rules. The first, Exchange... Read More

SEC: Number of Whistleblower Reports Continues to Increase
Posted on 21 Nov 2014 by Kevin M. LaCroix

The number of whistleblower reports to the SEC increased again in the latest fiscal year, according to the annual report of the SEC whistleblower office. The report, which the SEC is required by the Dodd-Frank Act to provide to Congress annually, is entitled... Read More

Is the Dodd-Frank Whistleblower Bounty Program Gaining Momentum?
Posted on 20 Jul 2015 by Kevin M. LaCroix

While the SEC’s Dodd-Frank whistleblower program has drawn significant attention, the fact is that the program has gotten off to a slow start. As of the end of the last fiscal year, the SEC had during the program’s history received a total... Read More

SEC Releases Fiscal 2013 Whistleblower Report
Posted on 21 Nov 2013 by Kevin M. LaCroix

Whistleblower reports to the SEC continued to rise during the latest fiscal year, according to the agency’s annual Dodd-Frank Whistleblower Program report to Congress. According to the November 15, 2013 report, a copy of which can be found here... Read More

SEC Announces Largest Yet Whistleblower Bounty Award of Over $30 Million
Posted on 23 Sep 2014 by Kevin M. LaCroix

In what is by far the largest whistleblower bounty award yet under the Dodd-Frank’s whistleblower provisions, the SEC on September 22, 2014 announced an award of between $30 and $35 million to a whistleblower who provided original information that... Read More

Conflicts at Fund Adviser Yields First SEC Whistleblower Action
Posted on 17 Jun 2014 by Thomas O. Gorman

The Commission brought its first action involving the anti-retaliation provisions of the Dodd-Frank Act. It centers on an investment adviser, a broker dealer, conflicts and retaliation against a firm employee who reported the misconduct to the SEC and... Read More

The SEC’s New Whistleblower Action: Is It Counterproductive?
Posted on 8 Apr 2015 by Thomas O. Gorman

The SEC brought its first enforcement action centered on corporate restrictions which could impact employee whistleblowers, deterring them from reporting to the agency. Specifically, the Commission alleged that a policy at KBR, Inc. which precluded the... Read More

The SEC, Second Circuit, and Whistleblowers: Searching For Ambiguity
Posted on 14 Sep 2015 by Thomas O. Gorman

The SEC’s interpretation of the Dodd-Frank whistleblower provisions prevailed in a recent Second Circuit decision, creating a circuit split that could be heading for the Supreme Court. Specifically, the Circuit Court deferred to the SEC’s... Read More

SEC: Whistleblower Protections Extend to Those Who Report Internally
Posted on 18 Feb 2015 by Thomas O. Gorman

A critical component of the SEC’s whistleblower program is the anti-retaliatory provisions of Exchange Act Section 21F, added to the statute by the Dodd-Frank Act. To implement that provision the Commission promulgated two rules. The first, Exchange... Read More

  • Blog Post: SEC Releases Fiscal 2013 Whistleblower Report

    Whistleblower reports to the SEC continued to rise during the latest fiscal year, according to the agency’s annual Dodd-Frank Whistleblower Program report to Congress. According to the November 15, 2013 report, a copy of which can be found here , there were 3,238 whistleblower reports to the SEC...
  • Blog Post: Conflicts at Fund Adviser Yields First SEC Whistleblower Action

    The Commission brought its first action involving the anti-retaliation provisions of the Dodd-Frank Act. It centers on an investment adviser, a broker dealer, conflicts and retaliation against a firm employee who reported the misconduct to the SEC and later informed his employer of that report. In the...
  • Blog Post: SEC Announces Largest Yet Whistleblower Bounty Award of Over $30 Million

    In what is by far the largest whistleblower bounty award yet under the Dodd-Frank’s whistleblower provisions, the SEC on September 22, 2014 announced an award of between $30 and $35 million to a whistleblower who provided original information that led to a successful SEC enforcement action. In...
  • Blog Post: SEC: Number of Whistleblower Reports Continues to Increase

    The number of whistleblower reports to the SEC increased again in the latest fiscal year, according to the annual report of the SEC whistleblower office. The report, which the SEC is required by the Dodd-Frank Act to provide to Congress annually, is entitled the “2014 Annual Report to Congress...
  • Blog Post: SEC: Whistleblower Protections Extend to Those Who Report Internally

    A critical component of the SEC’s whistleblower program is the anti-retaliatory provisions of Exchange Act Section 21F, added to the statute by the Dodd-Frank Act. To implement that provision the Commission promulgated two rules. The first, Exchange Act Rule 21F-2(b)(2) provides that the agency...
  • Blog Post: The SEC’s New Whistleblower Action: Is It Counterproductive?

    The SEC brought its first enforcement action centered on corporate restrictions which could impact employee whistleblowers, deterring them from reporting to the agency. Specifically, the Commission alleged that a policy at KBR, Inc. which precluded the disclosure of information by an employee about that...
  • Blog Post: Is the Dodd-Frank Whistleblower Bounty Program Gaining Momentum?

    While the SEC’s Dodd-Frank whistleblower program has drawn significant attention, the fact is that the program has gotten off to a slow start. As of the end of the last fiscal year, the SEC had during the program’s history received a total of 10,193 whistleblower reports, but had made only...
  • Blog Post: The SEC, Second Circuit, and Whistleblowers: Searching For Ambiguity

    The SEC’s interpretation of the Dodd-Frank whistleblower provisions prevailed in a recent Second Circuit decision, creating a circuit split that could be heading for the Supreme Court. Specifically, the Circuit Court deferred to the SEC’s interpretation of the provisions under which whistleblowers...