SEC New Whistleblower Rules Proposed and Made Available for Public Comment
November 3rd, 2010 the SEC held an open meeting in which it proposed a set of rules regarding their whistleblower program. SEC Chairman Mary Schapiro opened the meeting with a broad overview of the intended rules summarizing the intended rules as a set of regulations to simplify and create transparency in the whistleblower process. SEC Commissioner Luis A. Aguilar elaborated on the proposed rules and clarifications of the Dodd-Frank Act by posing the following three questions:
- Should we exclude any wrongdoer from being eligible to receive an award categorically or in particular circumstances?
- Should an individual’s level of culpability be considered as a factor in determining whether the person is eligible for an award?
- Are there other ways in which we should limit the payment of awards to culpable individuals?
These questions address the legality of lawyers, auditors, and compliance personnel. It also asks a question that Bradley Birkenfeld was forced to painfully answer in the IRS arena: can a whistleblower receive recovered rewards if he is complicit in the illegal actions at hand in the case?
This entry was posted on Wednesday, November 3rd, 2010 at 4:33 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.