Inside SEC's New Whistleblower Program

Law360, New York (June 6, 2011, 2:14 PM EDT) -- On May 25, the U.S. Securities and Exchange Commission adopted by a 3-2 vote controversial rules implementing the whistleblower provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act” or the “Act”).

These provisions are set forth in Section 922 of the Act, which amended the Securities Exchange Act of 1934 to add Section 21F to establish a whistleblower program that requires the SEC to pay an award, under regulations prescribed by the SEC and subject to certain limitations, to eligible whistleblowers...
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