On May 25, 2011, the Securities and Exchange Commission (“SEC”), by a divided vote of 3-2, adopted the final rules (“Rules”) implementing the whistleblower program mandated by Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). The Dodd-Frank Act, enacted on July 21, 2010, added new Section 21F to the Securities Exchange Act of 1934, entitled “Securities Whistleblower Incentives and Protections.” Section 21F directs the SEC to pay awards, subject to certain limitations and conditions, to whistleblowers who voluntarily provide the SEC with original information about a violation of the federal securities laws that leads to the successful enforcement of an action brought by the SEC that results in monetary sanctions exceeding $1 million. Eligible whistleblowers can earn an award between 10% and 30% of the total monetary sanctions collected in the SEC action or a related action.
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