Whistleblower Provisions Regulation - Comment Letter - National Association of Criminal Defense Lawyers - December 17, 2010

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Gavel.png 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.
Dodd-Frank Timeline, Whistleblower Provisions, CFTC
Final Rule Issue Effective Date Proposed Amendment
August 4, 2011 October 24, 2011 August 30, 2016

SEC Whistleblower Provisions
December 17, 2010

From the comment letter:

  • "The logical consequence of this policy will be (a) numerous, low quality referrals to the Commission (precisely what the Commission does not want), and (b) the evisceratation of the vital role that compliance officers, senior executives, and independent directors play in exercising their judgment about when to self-disclose."
  • "Extending the window for an internal assessment to at least six months will not compromise the Commission’s ability to later enforce its laws as necessary in the event a corporation fails to respond appropriately."
  • "NACDL proposes that the Commission require whistleblowers in the first instance to follow their entity’s internal reporting processes where a company has adopted a compliance program that meets the criteria for an effective compliance and ethics program as outlined by the United States Sentencing Commission at §8B2.1 of the United States Sentencing Guidelines."
  • "An enhanced financial reward for a whistleblower who does not report internally first represents a gratuitous windfall. The rule as written will eviscerate the Commission’s stated intention of supporting corporate compliance mechanisms in the first instance."

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