SEC Proposes Amendments To Whistleblower Program

The SEC proposed several rule amendments to its whistleblower program under Exchange Act Section 21F, including clarification of existing rules and technical amendments. In addition, the SEC issued proposed interpretive guidance on the terms "independent analysis" and "unreasonable delay" under Exchange Act Rules 21F-4 and 21F-6, respectively.

The rule amendments would:

• allow awards based on deferred prosecution agreements ("DPAs") and non-prosecution agreements ("NPAs") entered into by the DOJ or a state attorney general in a criminal case, or settlement agreements entered into by the SEC outside of a judicial or administrative proceeding;
• enable the SEC to adjust the award percentage in certain circumstances;