Among the many innovations introduced in the massive Dodd-Frank Wall Street Reform and Consumer Protection Act
enacted this past July are the new whistleblower provisions, designed to
encourage employees and others to report securities law violations to the SEC.
The bounty award provided for in the...
The SEC has released the text of its proposed new rules
for implementing the whistleblower provisions of Section 21F of the Securities
Exchange Act of 1934: Release
No. 34-63237 .
In fashioning these proposed rules, the Commission has
considered and weighed a number of potentially competing interests...
Although nearly everyone - including the five SEC
commissioners - agrees that corporate whistleblowers are the best source for
detecting corporate fraud, there is trepidation about the proposed
whistleblower bounty program under the Dodd-Frank Act. Many are concerned that
the SEC program could undermine...
On July 21, 2010, President Obama signed into law,
effective July 22, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act
(the "Dodd-Frank Act," "Dodd-Frank," or the "Act"), H.R. 4173. Sections
922 and 929A of the Dodd-Frank strengthen and expand the...
Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act provides an expanded whistleblower program that allows the whistleblower to get part of the money paid to the SEC for the violation. After several years of encouraging the development of internal complaint hotlines and compliance...
No, (to my knowledge) Wikileaks hasn't released detailing
corruption in the SEC. Instead, Sherron Watkins, the primary
whistleblower in the Enron fraud, weighed in on the SEC's
new incentives for whistleblowers . In a panel discussion about
whistleblowers held by the New York State Society...
A number of different organizations generate
annual publicity for themselves by designating a word (or
words) of the year . We are not yet half way through 2011 but I am already
prepared to propose my own candidate for this year's word of the year - the
word is "whistleblower." From the...
On May 25, 2011, the SEC adopted the final rules
implementing the whistleblower provisions of the Dodd-Frank Act .
The SEC declined to propose a rule that would have required whistleblowers to
report first through internal corporate compliance programs. However, the SEC
adopted changes that are intended...
WASHINGTON, D.C. - (Mealey's) The Securities and Exchange Commission
on May 25 adopted 17 new rules providing for whistle-blower incentives and
protection under the Securities Exchange Act of 1934, bringing it in compliance
with the Dodd-Frank Wall Street Reform and Consumer Protection Act.
In a blow to the efforts of internal compliance, the SEC
will let corporate whistle-blowers collect a percentage of penalties when they
report financial wrongdoing, even when they bypass companies' internal complaint
"For an agency with limited resources like the SEC, it is
by Gary Larkin
As you all may well know by now, the SEC has adopted its
final rules to create a whistleblower bounty program as part of the Dodd-Frank
Act by a familiar 3-2 split vote. The rules, which go into effect 60 days after
they are submitted to Congress or published in the Federal Register...
As part of the Dodd-Frank Act ("Dodd-Frank" or the
"Act"), Congress created powerful incentives to encourage persons to report (i)
potential violations of the federal securities laws to the Securities and
Exchange Commission ("SEC")1 and (ii) potential violations of the...
SEC's Dodd-Frank whistleblower rules may
incentivize employee bounty-hunting at public companies. Companies need to
improve their compliance programs to limit the potential hazards.
On May 25, 2011, the U.S. Securities and Exchange
Commission (SEC) adopted final
rules (the "Rules") for...
Perkins Coie Experts Examine the SEC's Final Rules
Implementing the Hotly Anticipated New Dodd-Frank Whistleblower Bounty Program
and Provide Practical Guidance for Post-Act Compliance
By Patrick Collins Esq., T. Markus Funk Esq.,
Gina LaMonica Esq. and Caryn Trombino Esq.
I am on the ground in Palo Alto this week at the
annual Stanford Law School Directors' College ,
where the opening speaker on Sunday night was SEC Commissioner Troy Paredes ,
whose presentation was in the form of a dialog with Stanford Law Professor and
former SEC Commissioner Joseph
The CFTC was given expanded powers to financially reward
whistleblowers through the Dodd-Frank Wall Street Reform and Consumer
Protection Act (Dodd-Frank Act). Pursuant to new Section 23 of the Commodity
Exchange Act (CEA) entitled, "Commodity Whistleblower Incentives and
Protection," the CFTC...
Even thought the SEC's final
regulations for the Dodd-Frank whistleblower program just became effective
on August 12, 2011, the agency has already filed its first report on the
whistleblower program. Under Section
924(d) of the Dodd Frank Act, the SEC must report annually to Congress on
Dodd-Frank added Exchange Act Section
21F(g)(5) and requires that SEC's Office of the Whistleblower to report to Congress
annually on the whistleblower program. It's due each October 30. I'm sure the
SEC wanted to be in compliance, so they released the first annual report on the
Whistleblower information may be one of the SEC's "most
effective weapons in its new enforcement arsenal," but the agency's
whistleblower program "faces challenges on many fronts," according to an April
23, 2013 New York Times Dealbook article entitled "Hazy Future...
On October 30, 2013, the SEC announced another whistleblower bounty award under the Dodd-Frank whistleblower program. Although the size of this latest award ($150,000) is relatively modest compared to the recent $14 million award (about which refer here ), the most recent award does suggest that awards...
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...