CFTC Final Rule: Whistleblower Incentives and Protection

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Gavel.png FINAL RULE: Whistleblower Incentives and Protections approved at CFTC Open Meeting, August 4, 2011.[1]
Dodd-Frank Timeline, Whistleblower Provisions, CFTC
Proposal Date Final Rule Issue Effective Date
December 6, 2010 August 4, 2011 October 24, 2011

Summary of the final rule:

  • Whistleblower award amount will be between 10 and 30 percent of collected sanctions that exceed $1,000,000; CFTC may exercise discretion regarding the award. Awards will be denied to certain government employees and others who are "statutorially ineligible."
  • A whistleblower may appeal certain Commission decisions including award denials and amounts to the appropriate U.S. Circuit Courts of Appeal.
  • Whistleblowers may receive awards based on violations prior to the Dodd-Frank Act, and before the rulemaking's effective date, provided they comply with the commission's procedures within 120 days.
  • Ineligibility to receive a whistleblower award from the Commission award does not preclude application of anti-retaliation protections. Whistleblowers are protected from retaliation regardless of any award determination.
  • In response to public comments, the final rule provides additional incentives for internal reporting by whistleblowers. Final rules also include minor changes to "ensure consistency and promote harmonization" with the SEC's whisleblower provisions.[2]

Related Documents: Fact Sheet, Q&A, and Federal Register Entry

References

  1. Open Meeting on Three Final Rule Proposals under the Dodd-Frank Act. CFTC. Retrieved on August 4, 2011.
  2. Final Regulations Regarding Whistleblower Incentives and Protection. CFTC. Retrieved on August 4, 2011.

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