- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-10-31T12:55:00
What should your company be doing in response to increased enforcement emphasis by the Securities and Exchange Commission (SEC) regarding violations of its whistleblower protection rule?
Problematic and prohibited wording can exist in nondisclosure agreements, confidentiality agreements, employee onboarding agreements, voluntary or involuntary termination agreements, and in severance documents that an employee must sign to receive compensation or payments, among other documentation.
Consider the recent enforcement case against investment firm D.E. Shaw & Co., which agreed to pay a $10 million fine in September to settle charges it included prohibited clauses in certain types of employment agreements. The penalty was the largest ever assessed against a company for violating the whistleblower rule (Rule 21F-17), remarked SEC Enforcement Director Gurbir Grewal.
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A subsidiary of JPMorgan Chase will pay an $18 million fine to the Securities and Exchange Commission for allegedly violating the agency’s whistleblower protection rule in hundreds of settlement agreements with clients and customers.
With a moving target for compliance under the EU’s Whistleblower Directive, the opportunity exists for companies to set their own standards on whistleblowing and engender greater trust among employees, according to a panel at Compliance Week’s Europe conference in London.
Most of the whistleblower tips received by the Commodity Futures Trading Commission in fiscal year 2023 related to fraud and misappropriation of crypto/digital assets.
TikTok is suspending new features amid an inquiry by the European Commission into its compliance with the Digital Services Act, all while responding to a U.S. ban just signed into law.
The Czech Republic’s data protection authority issued a fine of 351 million Czech koruna (U.S. $15 million) against antivirus software vendor Avast for alleged violations of the General Data Protection Regulation.
Consolidated Nuclear Security agreed to pay $18.4 million to settle alleged False Claims Act violations regarding the submission of timecards for unworked hours to the National Nuclear Security Administration.
