Whistleblower Provisions Regulation - Comment Letter - Investment Company Institute - February 4, 2011
|FINAL RULE: This page refers to the proposed rulemaking on whistleblower provisions. The CFTC final rule was issued at its August 4, 2011 open meeting. The SEC final rule was issued at its May 25, 2011 open meeting.|
|Final Rule Issue||Effective Date||Proposed Amendment|
|August 4, 2011||October 24, 2011||August 30, 2016|
CFTC Whistleblower Provisions
February 4, 2011
From the comment letter:
"The Institute has very serious concerns about the unintended consequences that are likely to result from the manner in which the Commission has designed its proposed whistleblower program. Our concerns are focused primarily on three aspects of the program that will have the greatest adverse impact on our members: the program’s impact on internal compliance programs; the Commission’s attempt to impose a new obligation on registrants to notify the Commission of all violations of the CEA, irrespective of how immaterial or technical in nature; and deficiencies in the criteria for rewarding whistleblowers. In addition, we recommend that the Commission refine the definition of “original information” and clarify the limits on the prohibition against employers retaliating against whistleblowers. Our concerns are discussed in more detail below."