InfoBytes Blog
SEC considers revision of two amendments
On August 2, the SEC announced it will review two recent amendments to its whistleblower rules adopted in September 2020 in response to concerns that they would discourage whistleblowers from coming forward. According to SEC Chair Gary Gensler, “one amendment would preclude the Commission in some instances from making an award in related enforcement actions brought by other law-enforcement and regulatory authorities if a second, alternative whistleblower award program might also apply to the action.” The second amendment, on the other hand, may be utilized by a future Commission to decrease an award due to the size of the award in absolute terms. As previously covered by InfoBytes, these amendments were designed to “provide greater transparency, efficiency and clarity, and to strengthen and bolster the program.”