In June, the Securities and Exchange Commission released a proposal to amend rules that govern its whistleblower program. Now, through letters submitted during the public comment process, we are getting a sense of what the public feels about these suggested changes.
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.
