On May 25, 2011, the Securities and Exchange Commission (SEC) adopted final rules1 implementing the whistleblower provisions of new Section 21F of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which was added to the Exchange Act by Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). The SEC proposed these rules on November 3, 20102 and adopted the rules with certain modifications and clarifications. Section 21F of the Exchange Act directs the SEC to pay awards, subject to certain limitations and conditions, to eligible whistleblowers who voluntarily provide the SEC with original information about a possible violation of the federal securities laws that leads to the successful enforcement of an action brought by the SEC resulting in monetary sanctions exceeding $1 million.
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