SEC Issues Pro Whistleblower Rules
On May 25, 2011, after an intense ten-month battle that pitted the Chamber of Commence against whistleblower advocates, the Securities and Exchange Commission issued cutting edge regulations implementing the whistleblower reward provisions of the Dodd Frank Act. Working on a pro bono basis with the National Whistleblowers Center, KKC attorneys meet directly with all 5 SEC Commissioners, the Commission’s enforcement staff and the head of the Commission’s whistleblower office urging the SEC to reject the Chamber’s attempt to cut that part of the law.
The Commission not only rebuffed the Chamber’s demand that whistleblower’s be forced to contact their employer before going to the SEC, they also adopted many of the positive procedural recommendations urged by the NWC in nine separately filed rule making proposals.
Links:
“Reactions To SEC Whistleblower Rules Fall Predictably,” Wall Street Journal 5-25-11.
“Rewarding Whistle-blowers For Greater Compliance,” Miller-McCune 5-30-11.
