Whistleblower Provisions Regulation - Comment Letter - Wells Fargo Advisors - December 17, 2010
|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|
SEC Whistleblower Provisions
December 17, 2010
A summary of the comment letter:
- "The proposed rules encourage individuals to bypass internal processes."
- "The proposed rules will undermine successful compliance systems."
- "Whistleblower rules will undermine existing SEC processes."
Wells Fargo makes distinctions between collecting whistleblower awards and providing original information protected by existing judicial or administrative orders, urging the SEC to deny or reduce awards for people involved in unlawful public disclosure.