Top Takeaways From The Annual Report On The SEC's Whistleblower Program

On November 15, 2024, the Office of the Whistleblower at the U.S. Securities and Exchange Commission (SEC or the Commission) issued its annual report to Congress for the fiscal year (FY) 2024 (the FY24 Whistleblower Report). The data from the report indicates that the program has likely peaked in terms of whistleblower tips reported to the Office of the Whistleblower from around the world, but the SEC continues to pay out large awards at a steady pace. While the incoming Trump administration will change the focus of SEC enforcement, whistleblower tips will continue to have an impact on the cases brought by the SEC.

This Advisory includes our top takeaways from the report and insights from former senior leaders and staff from the SEC including Jane Norberg, who was Chief of the Office of the Whistleblower in the Division of Enforcement; Dan Hawke, who led the SEC's Market Abuse Unit and was Director of the Philadelphia Regional Office; and Christian Schultz, who