SEC Releases Whistleblower Program’s 2012 Annual Report

On November 15, 2012, the Securities and Exchange Commission ("SEC" or the "Commission") released its Annual Report on the Dodd-Frank Whistleblower Program (the "Report"). The Report – which was prepared by the Commission's Office of the Whistleblower ("OWB" or the "Office") to satisfy its annual reporting obligations under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and the Securities Exchange Act of 1934 – summarizes OWB's activities during fiscal year 2012 and demonstrates an increase in enforcement activity.

The Office received 3,050 hotline phone calls from members of the public in fiscal year 2012, a sharp increase over the 650 phone calls received during the five months of the hotline's operation in 2011. OWB received 3,001 formal whistleblower tips via submission of Form-TCR by mail, fax and online. (While the actual number of tips exceeds 3,001, the Report excludes tips received from those who neglected to submit the