Whistleblower Provisions Regulation - White Papers

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Dodd-Frank Timeline, Whistleblower Provisions, CFTC
Proposal Date Final Rule Issue Effective Date
December 6, 2010 August 4, 2011 October 24, 2011
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

White papers addressing whistleblower provisions regulation.

McGuireWoods - The Rules for Whistleblowers:Significant Aspects of the SEC’s Whistleblower Incentives and Protection Program - May 2011

May 2011

This paper was prepared by Kurt E. Wolfe of McGuireWoods LLC. "Key Takeaways" from the paper:

"Regulated entities should develop, improve and promote compliance and reporting policies and procedures. This might include reviewing and updating your internal whistleblower programs, putting in place a dedicated team to review internal complaints, and establishing procedures for handling tips."

"In devising and advertising your legal, audit, or compliance programs, companies should stress three issues that will likely be essential to attracting internal reporting:

  1. The SEC will award higher bounties for whistleblowers who report internally before submitting a tip to the SEC.
  2. Whistleblowers who report internally are eligible for a whistleblower bounty from the SEC whether or not they submit a tip to the SEC, if the company self-reports. The bounty will be based not just on the whistleblower’s knowledge, but on all information the company submits to the SEC.
  3. Both the company and the whistleblower rules have strong antiretaliation policies designed to protect whistleblowers who come forward with evidence of a violation."


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Deloitte Forensic Center: Whistleblowing and the new race to report - The impact of the Dodd-Frank Act and proposed changes to U.S. Federal Sentencing Guidelines

August 2010

Deloitte Forensic Center's white paper suggests that the whistleblower rules proposed and finalized by Dodd-Frank have the potential to "increase corporate regulatory risks considerably and create a 'race to report' to the SEC."

In the paper, 10 bullet points outline the need for whistleblowing hotlines to detect fraud internally and ways to strengthen such a hotline, switching from reporting incentives to a day-to-day reporting expectation of employees, and methods for protecting whistleblowers.

  1. Tips appreciated - Whistleblower hotlines
  2. Don't get distracted by noise - Misused hotlines
  3. Is your hotline just lukewarm? - Attracting attention to whistleblower hotlines
  4. Carrots may help you hear better - 'Speaking up' as a part of day-to-day employee responsibilities
  5. Protecting those who serve - Whistleblower protections
  6. Communicate, communicate, communicate - Effective communication regarding whistleblowing
  7. Open wide - Barriers to whistleblowing
  8. What's in a name? - Whistleblower hotline titles
  9. When in Rome... - All whistleblower rules do not fit all companies
  10. A prepared and diligent response - Whistleblower strategies and principles
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References

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