Regulatory Alerts2022-02-10
SEC Whistleblower Program Proposed Rule Amendments
The Securities and Exchange Commission proposes amendments to its Whistleblower Program Rules that expand award eligibility for related actions and clarify the Commission’s discretion in setting monetary awards. The revised Rule 21F-3(b)(3) permits the SEC to grant awards for related actions even when alternative whistleblower programs apply, provided those alternatives are not comparable or potential awards remain at or below five million dollars. Concurrently, the proposed Rule 21F-6(d) explicitly authorizes the Commission to consider potential dollar amounts when determining awards, specifically allowing upward adjustments while prohibiting downward reductions.
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