Today, Chair of the U.S. Securities and Exchange Commission (SEC) Gary Gensler revealed the agency is looking to strengthen their highly successful Whistleblower Program in his keynote address at National Whistleblower Day.
“The tips, complaints, and referrals that whistleblowers provide are crucial to the Securities and Exchange Commission as we enforce the rules of the road for our capital markets,” Gensler stated. “Each week, when I see the Commission’s enforcement actions, I’m reminded how the whistleblower program helps us be better cops on the beat, execute our mission, and protect investors from misconduct.”
Established under the Dodd Frank Act of 2010, the SEC Whistleblower Office is one of the most successful whistleblower reward programs in the country. Since issuing its first award in 2012, the Whistleblower Office has awarded over $942 million to 186 individuals.
“We must ensure that whistleblowers are empowered to come forward when they see misbehavior and that they are appropriately compensated according to the framework established by Congress, and that those who report wrongdoing are protected by retaliation,” Gensler continued. “I also believe we should look for opportunities to continue to reduce processing times in SEC whistleblower award determinations.”
Gensler was part of a panel called Government Leaders Support Whistleblowers! during the second day of the three-day celebration of National Whistleblower Appreciation Day, hosted by the National Whistleblower Center and Whistleblower Network News.
“The SEC Whistleblower Program has been a massive success for years,” said whistleblower attorney Stephen M. Kohn, partner at Kohn, Kohn & Colapinto. “It is great to hear that the SEC is still looking for ways to improve shortcomings such as the processing time for award claims. It is highly important to ensure all whistleblowers are given a fair chance at receiving the award they deserve.”
Kohn also serves as Chairman of the Board of the National Whistleblower Center.
For information about National Whistleblower Day 2021, visit: https://whistleblowersblog.org/nwd/