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ARTICLE · 04 NOVEMBER 2010

Corporate and Financial Weekly Digest - October 29, 2010

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The Dodd-Frank Wall Street Reform and Consumer Protection Act added Section 21F to the Securities Exchange Act of 1934.

United StatesFinance and Banking
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Edited by Robert L. Kohl and David A. Pentlow

SEC/CORPORATE

SEC to Propose Whistleblower Incentive Rules

The Dodd-Frank Wall Street Reform and Consumer Protection Act added Section 21F to the Securities Exchange Act of 1934. Section 21F mandates that the Securities and Exchange Commission, pursuant to regulations prescribed by the SEC, pay awards to eligible whistleblowers who voluntarily provide the Commission with "original information" about a violation of federal securities laws that leads to the successful enforcement of a "covered judicial or administrative action." The Dodd-Frank Act mandated awards range between 10% and 30% of monetary sanctions imposed, where such sanctions exceed $1 million. The SEC intends to propose whistleblower rules at its open meeting next Wednesday, November 3.

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