CFTC Final Rule: Whistleblower Incentives and Protection

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Timeline, Position Reports for Physical Commodity Swaps
Final Rule Effective Date No-action Relief Deadline
July 22, 2011 September 20, 2011 June 30, 2013

On August 4, 2011, the CFTC held an open meeting to discuss three final rulemakings under the Dodd-Frank Act. Among the rules approved at the meeting was a final rule regarding the CFTC's whistleblower program.<ref>Open Meeting on Three Final Rule Proposals under the Dodd-Frank Act. CFTC. Retrieved on August 4, 2011.</ref>

Summary of the final rule:

  • Whistleblower award amount will be between 10 and 30 percent of collected sanctions; 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.<ref>Final Regulations Regarding Whistleblower Incentives and Protection. CFTC. Retrieved on August 4, 2011.</ref>

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


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