SEC Whistleblower Rules Go Into Effect Today

WEBWIRE – Friday, August 12, 2011

Calling All Whistleblowers: Reward Eligibility Clock Starts Rolling Today in 170 Cases

Washington D.C. August 12, 2011. Today, the Security and Exchange Commission’s (SEC) Final Rules implementing the whistleblower provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act go into effect. The SEC has simultaneously launched a new Office of the Whistleblower website today. The website is a major resource for the public and whistleblowers. You can access the website at this link: http://www.sec.gov/about/offices/owb.shtml and you may review the 170 cases that are now eligible for an award at this link: http://www.sec.gov/about/offices/owb/owb-awards.shtml

One of the most important sections of the new SEC Whistleblower website is the “Claim an Award” section, which lists 170 SEC actions that are covered under the Dodd-Frank Act. Whistleblowers have ninety (90) calendar days to apply for an award by submitting a completed form to the Office of the Whistleblower. The National Whistleblowers Center strongly encourages whistleblowers to check out this page so they do not miss their opportunity to apply for a financial reward.

Lindsey M. Williams, Director of Advocacy and Development for the National Whistleblowers Center, issued the following statement:

We are pleased that the SEC has launched the Office Of Whistleblower website. It will go a long way in detecting and deterring corporate fraud. The SEC Final Rules encourage internal reporting, but also protect an employee who has no faith in a company’s internal compliance system and wants to report the fraud directly to the SEC.

Corporate fraud hurts businesses, consumers, and taxpayers. Employees must be encouraged and protected to come forward with credible information of fraud to the SEC or to an internal compliance system. The SEC’s new whistleblower award rules are designed to do just that.

Anyone interested in claiming a whistleblower award should immediately check the “Claim an Award” section of the SEC whistleblower website. If an employee misses the 90-calendar day deadline for submitting a form for an award they will be out of luck.

The National Whistleblowers Center (NWC) sister organization the National Whistleblower Legal Defense and Education may be able to help whistleblowers looking for helping reporting fraud to the SEC find an attorney through the confidential Attorney Referral Service.

Links:

SEC Whistleblower Page

NWC Dodd-Frank Rulemaking page -- links to NWC public comments and other related materials

SEC Final Rules

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