- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2020-09-01T16:55:00
The SEC has announced nearly $4 million in whistleblower awards this week, though changes to agency’s tipster program set to be discussed Wednesday will once again hit the back burner.
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More than two years after proposing them, the Securities and Exchange Commission approved a series of controversial amendments to its whistleblower program designed to make the issuance of awards more streamlined and efficient.
More than a quarter of the SEC’s 94 whistleblower payouts since 2012 have come this fiscal year, the latest a more than $10 million award announced Monday.
The SEC had scheduled a Sept. 2 vote on controversial changes to its whistleblower program that, if passed, could weaken the agency’s prohibition of retaliation against whistleblowers and limit large rewards. The meeting has been canceled.
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.
