SEC Proposes Amendments to SEC Whistleblower Rules
While the proposed amendments strengthen the rules, they may also deter reporting from happening.
At the end of June 2018 the U.S. Securities and Exchange Commission revealed proposed amendments to the current rules that govern the SEC Whistleblower Program. Several of these amendments bolster whistleblower’s incentives; however a proposed discretionary $30 million cap on awards could restrain whistleblowers from reporting nefarious fraud schemes. This white paper reviews the SEC whistleblower program and the proposed amendments.
Jason Zuckerman litigates whistleblower retaliation and rewards, wrongful discharge, and other employment-related claims, and authors the Whistleblower Protection Law Blog. His broad experience includes serving as Senior Legal Advisor to the Special Counsel at the U.S. Office of Special Counsel, the federal agency charged with protecting whistleblowers in the federal government. In 2012, the Secretary of Labor appointed Zuckerman to serve on the Whistleblower Protection Advisory Committee, which makes recommendations to the Secretary of Labor to improve OSHA’s administration of federal whistleblower protections.
Matthew Stock is an associate at Zuckerman Law, where his practice focuses on representing whistleblowers in whistleblower rewards and whistleblower retaliation cases. Mr. Stock has audited a broad range of industries, both domestically and internationally, including large public companies and financial institutions. He uses his auditing experience to help IRS, CFTC and SEC whistleblowers investigate and disclose complex financial frauds to the government.
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