Whistleblower Provisions Regulation - White Paper - McGuireWoods - The Rules for Whistleblowers:Significant Aspects of the SEC’s Whistleblower Incentives and Protection Program - May 2011
|Final Rule Issue||Effective Date||Proposed Amendment|
|August 4, 2011||October 24, 2011||August 30, 2016|
|Comment Deadline||Final Rule Issue||Effective Date|
|December 17, 2010||June 13, 2011||August 12, 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:
- The SEC will award higher bounties for whistleblowers who report internally before submitting a tip to the SEC.
- 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.
- Both the company and the whistleblower rules have strong antiretaliation policies designed to protect whistleblowers who come forward with evidence of a violation."