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ARTICLE · 18 FEBRUARY 2022

SEC Proposes Amendments To Whistleblower Program Rules, Which May Lead To More SEC Tips

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On February 10, 2022, the U.S. Securities and Exchange Commission announced two proposed amendments to its whistleblower program rules.

United StatesEmployment and HR
Steven Pearlman
Steven Pearlman
Pinchos Goldberg
Pinchos Goldberg
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On February 10, 2022, the U.S. Securities and Exchange Commission announced two proposed amendments to its whistleblower program rules.

As we previously reported here, a closely divided SEC adopted a final rule implementing several changes to its whistleblower program in September 2020. On January 13, 2021, a whistleblower attorney filed a lawsuit in the U.S. District Court for the District of Columbia challenging various aspects of the final rule (our post on that case is here). After SEC Chair Gary Gensler assumed office, he directed staff to consider revisions to two amendments that could have discouraged tips by allowing the SEC to (1) unilaterally deny "related action" awards where there is another applicable whistleblower award program, and (2) limit the size of some of the largest awards (see our post here).

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