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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2022-08-29T15:34:00
The Securities and Exchange Commission (SEC) amended its rules to provide further incentives to whistleblowers, particularly in cases involving large payouts or multiple federal agencies.
The final rule, which will become effective 30 days after publication in the Federal Register, allows the commission to increase the dollar amount of an award but removes its authority to decrease it, according to an SEC fact sheet. The current rule provides whistleblowers with 10-30 percent of monetary sanctions collected in any enforcement action over $1 million for which the whistleblower provided relevant and timely information to help investigators make a case.
In 2020, the Republican-led SEC under former Chair Jay Clayton amended its whistleblower rules to potentially limit large payouts. In February, current SEC Chair Gary Gensler indicated the agency under Democratic control would seek to unwind those changes.
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News and analysis for the well-informed compliance or audit exec.
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2023-03-17T18:05:00Z By Aaron Nicodemus
Sens. Chuck Grassley (R-Iowa) and Elizabeth Warren (D-Mass.) revived a whistleblower protection bill aimed at shielding whistleblowers from retaliation and cutting down on the time it takes to receive an award from the Securities and Exchange Commission.
2022-08-23T22:13:00Z By Aaron Nicodemus
Peiter Zatko, a former cybersecurity executive at Twitter, has blown the whistle on his observations of systemic data security lapses at the company, undercounting of fake accounts, and how the social media platform could be manipulated by foreign intelligence services.
2022-07-25T20:31:00Z By Aaron Nicodemus
A federal appeals court has denied the whistleblower claims of a former Royal Bank of Scotland employee seeking compensation for a tip he said generated more than $10 billion worth of settlements.
2024-07-24T15:50:00Z By Aaron Nicodemus
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
2024-07-23T12:29:00Z By Ruth Prickett
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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