- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-03-17T18:05:00
Two senators have 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 (SEC).
Sens. Chuck Grassley (R-Iowa) and Elizabeth Warren (D-Mass.) reintroduced the “SEC Whistleblower Reform Act of 2023,” along with co-sponsors Sens. Susan Collins (R-Maine), Raphael Warnock (D-Ga.), and Catherine Cortez Masto (D-Nev.).
”I’m proud to once again lead this push for greater government accountability by protecting the whistleblower process at the SEC,” Grassley said in a press release Wednesday.
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If compliance officers are good at their jobs, they can expect to eventually catch their employers breaking the law, whistleblower Edward Siedle told attendees during a fireside chat at Compliance Week’s 2023 National Conference.
The Securities and Exchange Commission announced its largest-ever whistleblower award at nearly $279 million—more than double the agency’s previous record bounty.
More whistleblowers than ever before filed reports with their employers in 2022, with more than half doing so anonymously, according to the latest hotline benchmark report from NAVEX.
Two pairs of claimants will receive whistleblower awards totaling more than $98 million and $24 million, respectively, for information they provided to the Securities and Exchange Commission that led to an enforcement action.
Discrimination against whistleblowers in the U.K. has risen to such a level that the government may need to actively pursue plans to afford greater legal protection, as well as introduce financial awards to compensate for their “career suicide.”
The Department of Justice released the details of its long-awaited corporate whistleblower awards pilot program that will prioritize reporting in areas of corporate crime not currently covered by existing whistleblower programs.
