Small Business Securities Bulletin: SEC Proposes Rules Implementing the Whistleblower Provisions of Dodd-Frank

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Earlier this month the Securities and Exchange Commission proposed rules to implement the whistleblower and anti-retaliation provisions of Section 21F of the Securities Exchange Act of 1934, which was added by Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Consistent with Dodd-Frank, the proposed rules provide that persons who voluntarily offer the SEC original information leading to the successful enforcement of a federal court or administrative action in which it obtains monetary sanctions totaling more than $1 million is entitled to an award of between 10% and 30% of the amount collected. Penny Somer-Greif of Ober|Kaler looks at the proposed rules.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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