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ARTICLE · 22 OCTOBER 2020

SEC Enhances Its Whistleblower Program To Further Incentivize Tips

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In what is described as an attempt to provide more clarity to whistleblowers and increase efficiency and transparency, on September 23, 2020, the Securities and Exchange Commission voted to adopt significant amendments.

CanadaCorporate/Commercial Law
Lawrence Ritchie
Lawrence Ritchie
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In what is described as an attempt to provide more clarity to whistleblowers and increase efficiency and transparency, on September 23, 2020, the Securities and Exchange Commission (the "SEC") voted to adopt significant amendments to the rules governing its heralded whistleblower program (the "SEC's Program"). When the formal whistleblower initiative was introduced, it was said to be a significant "game changer" for regulators in need of leads from those who have knowledge of potential wrongdoing. The SEC established its bounty program 10 years ago to encourage individuals to voluntarily report high-quality tips to the SEC regarding potential securities law violations. Since the inception of the program and its first award in 2012, the SEC has issued nearly $562 million to 106 individuals, with awards ranging between $50,000 to $50 million. See here and here for our previous blog posts comparing and contrasting the SEC's Program with that of the Ontario Securities

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