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SEC Enacts Even More Rigorous Whistleblower Program After Public Comment

On May 25, 2011, the SEC held a public hearing on final rules implementing the SEC whistleblower program under the Dodd-Frank Act. The program is designed to incentivize individuals to bring high quality tips to the SEC to assist investigations of possible securities law violations. The Commission received 240 comments and 1300 form letters on the Proposed Rules. The final rules, adopted on Wednesday and scheduled to go into effect in 60 days, address hot topics such as internal compliance reporting; whistleblower status for attorneys, directors, compliance professionals, and auditors; retaliation protections; awards for culpable whistleblowers; and simplifying the process for making complaints.

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