- 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.
With the presidential election this week, one fear has remained on the minds of voters regardless of their political stripe–that artificial intelligence will be misused to change the outcome of the race.
Ireland’s cozy relationship with big business and Big Tech has once again come under scrutiny after the country’s media regulator allowed a $15 million one-off funding payment from Meta’s Oversight Board Trust to help launch the newly formed Appeal Centre Europe.
Contract workers’ rights are in the spotlight in the U.K. and some EU countries as governments seek to end exploitative practices by eliminating zero-hours contracts, much to the chagrin of some business leaders.
