News & Analysis as of

Rule 21F

Epstein Becker & Green

Employers Beware: SEC Targets Employment Agreements Under Whistleblower Protection Rules

Epstein Becker & Green on

Less than two weeks after it last penalized a private employer for alleged violations of whistleblower protection rules in its employee separation agreements, the Security and Exchange Commission (“SEC”) once again takes aim...more

Orrick, Herrington & Sutcliffe LLP

SEC awards whistleblower more than $18 million

On August 25, the SEC announced a whistleblower award of $18 million to a whistleblower who provided new information and assistance that led to a successful SEC enforcement action. According to the redacted order, the...more

Ballard Spahr LLP

SEC Amends Whistleblower Program Rules

Ballard Spahr LLP on

Summary - Section 21F of the Securities Exchange Act of 1934 (the Exchange Act) governs the Securities and Exchange Commission (the SEC or the Commission) whistleblower program, which pays awards to eligible whistleblowers...more

Holland & Knight LLP

Overblown? SEC's Aggressive Enforcement of Rule 21F-17 for Whistleblower Protection

Holland & Knight LLP on

Section 21F, titled "Whistleblower Incentives and Protection," is a set of provisions within the Securities Exchange Act of 1934 that govern, among other things, the rights and obligations of SEC whistleblowers and the...more

Hogan Lovells

SEC issues proposal to amend rules to incentivise whistleblowers

Hogan Lovells on

On February 10, 2022, the Securities and Exchange Commission (SEC) proposed amendments to Exchange Act Rules 21F-3 and 6, which govern the implementation of its whistleblower program. These amendments increase the SEC’s...more

Goodwin

SEC Proposes Changes To Whistleblower Program Rules

Goodwin on

On February 10, the U.S. Securities and Exchange Commission proposed two amendments to the rules governing its whistleblower program, Exchange Act Rules 21F-3 and 6. “These amendments, if adopted, would help ensure that...more

Cooley LLP

Blog: SEC steps back from two of the 2020 amendments to the whistleblower rules

Cooley LLP on

The SEC’s whistleblower program provides for awards in amounts between 10% and 30% of the monetary sanctions collected in an SEC action based on the whistleblower’s original information. The program, which has been in place...more

Dorsey & Whitney LLP

The New SEC Whistleblower Rules: Improving A Successful Program Or Undermining It?

Dorsey & Whitney LLP on

The U.S. Securities and Exchange Commission’s (“Commission” or “SEC”) whistleblower program has, by all accounts, been a huge success.  Added to the Securities Exchange Act of 1934 (“Exchange Act”) as Section 21F by the...more

Foley Hoag LLP

SEC Amends Whistleblower Rules

Foley Hoag LLP on

On September 23, 2020, the Securities and Exchange Commission (SEC), in a 3-2 vote, approved several significant amendments to, and interpretive guidance on, the rules governing its whistleblower program. Most...more

Proskauer - Whistleblower Defense

SEC Awards Joint Whistleblowers $3 Million Even Though Information Was Not Voluntarily Given

On June 3, 2019, the SEC’s Office of the Whistleblower announced a $3 million award to two whistleblowers who provided the SEC with information that led it to investigate and successfully bring an enforcement action for...more

BCLP

Recent SEC Whistleblower Awards Highlight Importance of Internal Reporting

BCLP on

The SEC’s most recent whistleblower awards highlight the importance of internal reporting to a company’s compliance program and especially how a company investigates and responds to such reports.   On May 24, 2019, the SEC...more

A&O Shearman

SEC Awards $3 Million To Two Whistleblowers Who First Made Internal Reports, Even Though Reporting To SEC Was Not "Voluntary"

A&O Shearman on

On June 3, 2019, the U.S. Securities and Exchange Commission (“SEC”) announced a joint award of $3 million to two whistleblowers who the SEC stated provided information that led to a successful enforcement action aimed at...more

Bass, Berry & Sims PLC

SEC Grants Eligibility Waiver to Issue Whistleblower Award

The Securities and Exchange Commission (SEC) recently awarded $3 million to joint whistleblowers despite concluding that the whistleblowers did not satisfy the technical eligibility requirements for receiving an award. See...more

WilmerHale

Supreme Court Articulates Dodd-Frank Whistleblower Definition in Digital Realty Trust, Inc. v. Somers

WilmerHale on

On February 21, 2018, the Supreme Court held in Digital Realty Trust, Inc. v. Somers that the anti-retaliation whistleblower protections under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank...more

Faegre Drinker Biddle & Reath LLP

Supreme Court Decides Digital Realty Trust v. Somers, No. 16-1276

On June 19, 2107 the U.S. Supreme Court decided Digital Realty Trust v. Somers, holding that the Dodd-Frank Act’s prohibition on employer retaliation against whistleblowers extends only to individuals who have reported...more

Cooley LLP

Blog: SCOTUS Says Whistleblowers Must Whistle All The Way To The SEC

Cooley LLP on

Today, SCOTUS handed down its decision in Digital Realty v. Somers, a case addressing the split in the circuits regarding the application of the Dodd-Frank whistleblower anti-retaliation protections: do the protections apply...more

Saul Ewing LLP

SEC’s Office of the Whistleblower Ends 2017 With a Bang

Saul Ewing LLP on

Just in time for the holiday season, the U.S. Securities and Exchange Commission (“SEC” or “Commission”) has brought joyful news to three whistleblowers who will receive substantial awards of over $8 million each to two...more

Proskauer - Whistleblower Defense

SEC Awards Over $16 Million to Two Whistleblowers

On November 30, 2017, the SEC Office of the Whistleblower issued a bounty award of more than $16 million to two tipsters; each received an award of more than $8 million. The SEC denied awards to five other claimants....more

Jackson Lewis P.C.

Supreme Court Set To Decide Whether Dodd-Frank Protects Internal Whistleblowers

Jackson Lewis P.C. on

On June 26, 2017, the U.S. Supreme Court agreed to review whether the Dodd-Frank Act’s whistleblower anti-retaliation provisions protect employees who only complain internally to their employer, but do not complain directly...more

Saul Ewing LLP

SEC Continues to Fine Companies that Discourage Whistleblowers

Saul Ewing LLP on

The SEC recently slapped two companies with sizeable fines for allegedly impeding potential whistleblowers from communicating with the agency in violation of Rule 21F-17. These fines, coupled with the SEC’s recent enforcement...more

Nossaman LLP

A Divided Ninth Circuit Extends Dodd-Frank's Anti-Retaliation Protection for Whistleblowers

Nossaman LLP on

Without a bright line requirement of an SEC contact to trigger whistleblower status, employers may not learn until after termination that an employee claims to be a whistleblower. Employees often raise internal questions,...more

Orrick - Employment Law and Litigation

Circuit Split on Whistleblower Protections Widens: Ninth Circuit Follows Second Circuit and Splits with Fifth Circuit in Holding...

On March 8, 2017, a divided panel of the Ninth Circuit issued an opinion in Somers v. Digital Realty Trust Inc. that further widened a circuit split on the issue of whether the anti-retaliation provisions in the Dodd-Frank...more

BakerHostetler

Ninth Circuit Widens the Circuit Split on Whether Dodd-Frank Protects Internal Whistleblowers

BakerHostetler on

Last week, a divided panel of the Ninth Circuit Court of Appeals issued an opinion in Somers v. Digital Realty Trust, Inc., No. 15-17352 (9th Cir. March 8, 2017), in which it held that the anti-retaliation protections of the...more

Seyfarth Shaw LLP

SEC Claws Back Award for Dawdling Whistleblower, as Feds Signal Changes in Award Eligibility

Seyfarth Shaw LLP on

Seyfarth Synopsis: Last week, the Securities and Exchange Commission released an Order Determining Whistleblower Award Claim holding that the whistleblower’s award should be reduced to 20% of the monetary sanctions collected...more

K&L Gates LLP

Lessons from the SEC’s Whistleblower Anti-Retaliation Cases

K&L Gates LLP on

Originally published in NSCP Currents - February 2017. While announcements of large cash awards grab most of the spotlight for the Securities and Exchange Commission’s (SEC or the Commission) whistleblower program, SEC...more

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