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SEC unveils ideas for updating whistleblower program

Joe Mont | June 29, 2018

With years of experience under its belt, and acknowledging complications triggered by a recent Supreme Court decision, the Securities and Exchange Commission has released a proposal to amend rules that govern its whistleblower program.

The SEC’s whistleblower program was established in 2010 to incentivize individuals to report “high-quality tips” to the Commission and help the agency detect wrongdoing.

Section 922 of the Dodd-Frank Act added Section 21F to the Securities Exchange Act, establishing the program. It authorizes the SEC to pay monetary awards to eligible individuals who voluntarily provide original information that leads to successful enforcement actions resulting in monetary sanctions of more than $1 million. Awards are made in an amount equal to 10 to 30 percent of the monetary sanctions collected.  

Congress established a separate fund at the Treasury Department, called the Investor Protection Fund, from which these whistleblower awards are paid...

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