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ARTICLE · 13 OCTOBER 2011

Securities Update – September 2011

Drinker Biddle & Reath LLP
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The Securities and Exchange Commission’s new whistleblower rules became effective on Aug. 12, 2011. With the new rules, the SEC launched a new webpage for people to report violations of the federal securities laws and apply for a financial reward.

United StatesFinance and Banking
George McKann
George McKann
Bradley Andreozzi
Bradley Andreozzi
Jennifer Card
Jennifer Card
Eric Marr
Eric Marr
Douglas Murray
Douglas Murray
F. Douglas Raymond
F. Douglas Raymond
Kimberly Rubel
Kimberly Rubel

SEC WHISTLEBLOWER RULES NOW IN EFFECT

By George C. McKann

The Securities and Exchange Commission's new whistleblower rules became effective on Aug. 12, 2011. With the new rules, the SEC launched a new webpage for people to report violations of the federal securities laws and apply for a financial reward (www.sec.gov/whistleblower). Individuals who report potential violations to the SEC may be entitled to a payment of between 10 percent and 30 percent for any monetary recovery exceeding $1 million. The webpage also includes a list of over 100 cases from July 21, 2010 (the effective date of the Dodd-Frank Wall Street Reform and Consumer Protection) to Aug. 12, 2011 in which the SEC obtained monetary penalties over $1 million. This list provides notice of covered actions and starts the 90-day period in which individuals can submit claims for awards relating to those cases.

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