- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-02-10T23:44:00
The Securities and Exchange Commission will seek to undo several changes to the agency’s whistleblower program enacted during the Trump administration to potentially limit large awards.
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The Securities and Exchange Commission reopened the comment period on proposed changes to “modernize” its beneficial ownership rule, including shortening certain filing deadlines.
The Securities and Exchange Commission amended its rules to provide further incentives to whistleblowers, particularly in cases involving large payouts or multiple federal agencies.
The “SEC Whistleblower Reform Act of 2022” proposes to shorten the wait time for a whistleblower to receive a payout by requiring the Securities and Exchange Commission to issue an initial ruling on a claim within one year of the deadline to file the claim.
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
The Supreme Court of the United States overturned a long-held precedent in which courts deferred to federal agencies in interpreting complex or ambiguous regulations–a decision that could make thousands of federal regulations more vulnerable to legal challenges.
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
