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ARTICLE · 13 JULY 2018

Red Notice Newsletter June 2018

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On June 28, 2018, the Securities and Exchange Commission (SEC) proposed amendments to its whistleblower award process for the first time since the program was announced in 2010.

GlobalCriminal Law
Paul W. Butler
Paul W. Butler
Christian Davis
Christian Davis
Melissa Chastang
Melissa Chastang
Suzanne Kane
Suzanne Kane
Sina Kimiagar
Sina Kimiagar
Chris Chamberlain
Chris Chamberlain
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IN THIS ISSUE

SEC Proposes Admendments to Whistleblower Award Program

On June 28, 2018, the Securities and Exchange Commission (SEC) proposed amendments to its whistleblower award process for the first time since the program was announced in 2010. One of the most notable proposals includes authorizing the SEC to exercise its discretion to award whistleblowers larger amounts—up to $2 million—in cases where the recovery would typically warrant a whistleblower payout of less than $2 million, and to award whistleblowers smaller amounts—no less than $30 million—where the monetary sanctions imposed exceed $100 million. Any discretionary adjustment to award payouts would remain consistent with the statutory mandate that awards range from 10 percent to 30 percent of the monetary sanctions collected, and where the total monetary sanctions are at least $1 million.

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