- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-08-29T15:34:00
The Securities and Exchange Commission (SEC) amended its rules to provide further incentives to whistleblowers, particularly in cases involving large payouts or multiple federal agencies.
The final rule, which will become effective 30 days after publication in the Federal Register, allows the commission to increase the dollar amount of an award but removes its authority to decrease it, according to an SEC fact sheet. The current rule provides whistleblowers with 10-30 percent of monetary sanctions collected in any enforcement action over $1 million for which the whistleblower provided relevant and timely information to help investigators make a case.
In 2020, the Republican-led SEC under former Chair Jay Clayton amended its whistleblower rules to potentially limit large payouts. In February, current SEC Chair Gary Gensler indicated the agency under Democratic control would seek to unwind those changes.
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Sens. Chuck Grassley (R-Iowa) and Elizabeth Warren (D-Mass.) revived a whistleblower protection bill aimed at shielding whistleblowers from retaliation and cutting down on the time it takes to receive an award from the Securities and Exchange Commission.
Peiter Zatko, a former cybersecurity executive at Twitter, has blown the whistle on his observations of systemic data security lapses at the company, undercounting of fake accounts, and how the social media platform could be manipulated by foreign intelligence services.
A federal appeals court has denied the whistleblower claims of a former Royal Bank of Scotland employee seeking compensation for a tip he said generated more than $10 billion worth of settlements.
Securities and Exchange Commission Chair Gary Gensler will step down from his position as the top U.S. regulator of Wall Street when Donald Trump is sworn in as president on Jan. 20, ending weeks of speculation about his future.
President-elect Donald Trump announced he plans to appoint Cantor Fitzgerald President and CEO Howard Lutnick to lead the U.S. Commerce Department, as the incoming administration is expected to charge import tariffs against friends and foes.
If your business uses leather, rubber, wood, beef, palm oil, soy, or paper, then you may need to comply with the EU Deforestation Directive, a new rule intended to ensure that no goods traded in the EU contribute to global deforestation.
