New York-based broker-dealer Guggenheim Securities has agreed to pay a $208,912 civil penalty for violating whistleblower protection rules, the Securities and Exchange Commission (SEC) announced Wednesday.

Guggenheim’s compliance manual prohibited employees from contacting any regulator, including the SEC, prior to receiving approval from the firm’s compliance department, according to the agency. The SEC’s order cites the following excerpt from the manual under the “Communications with Regulators” section:

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...