SEC Rule Asserts Authority To Adjust Whistleblower Awards

Law360 (September 23, 2020, 3:49 PM EDT) -- A divided U.S. Securities and Exchange Commission on Wednesday issued a final rule for its whistleblower program that scraps a proposal to expressly give the commission the discretion to limit the largest of awards, instead clarifying that the SEC already possessed this authority.

The July 2018 proposed rule included a controversial stipulation that, "as additional award criteria," would have given the agency the discretion to adjust downward the award amounts for cases that yield more than $100 million in total sanctions and at least a $30 million bounty. This had drawn the ire of a range of whistleblower advocates, lawmakers and associations. ...

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