SEC Enhances Whistleblower Program

The SEC amended its whistleblower program with the goals of (i) providing greater transparency to whistleblowers, (ii) properly incentivizing whistleblowers and (iii) awarding whistleblowers to the "maximum extent appropriate."

The SEC whistleblower program pays eligible whistleblowers an amount equal to not less than 10 percent, and not more than 30 percent, of collected monetary sanctions where the whistleblower provides original information to the SEC that leads to a successful enforcement where the amount recovered exceeds $1 million. As previously covered, the SEC also published interpretive guidance concerning the terms "independent analysis" and "unreasonable delay."

As described in the final rule (and as previously covered), the amendments would: