|| FINAL RULE: At its May 25, 2011 open meeting, the SEC issued its final rule regarding the establishment of whistleblower provisions under the Dodd-Frank Act. According to the rule, to be eligible, the whistleblower "voluntarily provide the SEC with original information that leads to the successful enforcement by the SEC of a federal court or administrative action in which the SEC obtains monetary sanctions totaling more than $1 million."
Dodd-Frank Timeline, Whistleblower Provisions of Secton 21F of the Securities Exchange Act of 1934
| Comment Deadline
|| Final Rule Issue
|| Effective Date
| December 17, 2010
|| June 13, 2011
|| August 12, 2011
- "The final rules lengthen the period of time in which a whistleblower can wait before coming to the SEC, after reporting internally. Now whistleblowers will be able to get credit for the original date they reported to their company so long as they notify the SEC within 120 days.
- The final rules now make clear that the Commission — when considering the amount of an award — will consider how much a whistleblower has participated in or interfered with the internal compliance process.
- The final rules would give credit to a whistleblower whose company passes the information along to the Commission, even if the whistleblower does not. This could create an opportunity for a whistleblower to obtain an award through internal reporting where the whistleblower might not otherwise have qualified for an award because the information was not sufficiently specific and credible."
The rules, as they appear in the Federal Register, can be found below.
- ↑ SEC Adopts Rules to Establish Whistleblower Program. SEC. Retrieved on May 26, 2011.