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Difference between revisions of "SEC Whistleblower Program"
→Submitting a Tip Anonymously to the SEC Office of the Whistleblower
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Anyone can submit a tip anonymously if you have an [https://www.zuckermanlaw.com/how-best-sec-whistleblower-law-firms-advocate-sec-whistleblowers/ attorney] represent you in connection with both: (1) your submission of information; and (2) your claim for an award. According to an SEC Whistleblower Office’s Annual Report to Congress, almost a quarter of the award recipients reported anonymously to the SEC Office of the Whistleblower through an attorney. | Anyone can submit a tip anonymously if you have an [https://www.zuckermanlaw.com/how-best-sec-whistleblower-law-firms-advocate-sec-whistleblowers/ attorney] represent you in connection with both: (1) your submission of information; and (2) your claim for an award. According to an SEC Whistleblower Office’s Annual Report to Congress, almost a quarter of the award recipients reported anonymously to the SEC Office of the Whistleblower through an attorney. | ||
== Attorney Submission of an Anonymous Tip to the SEC == | |||
The [https://www.zuckermanlaw.com/sec-whistleblower-program-sec-form-tcr/ Form TCR] (Tip, Complaint, or Referral) is the form SEC whistleblowers and their attorneys use to submit tips to the SEC Office of the Whistleblower. When a whistleblower submits a tip anonymously through an attorney, the whistleblower is not required to put his or her name on the form. Rather, the whistleblower’s attorney will provide their contact information and will be the SEC’s point of contact for the submission. In addition, the attorney will be required to, among other things, certify that they: | |||
Reviewed the whistleblower’s submission for completeness and accuracy; | |||
Verified the whistleblower’s identity by viewing his or her valid unexpired government-issued identification (e.g., driver’s license, passport); | |||
Obtained the whistleblower’s consent to disclose his or her name to the SEC if there are concerns that the whistleblower may have knowingly and willingly made false statements or used false documents in the submission; and | |||
Retain an original copy of the TCR, with Section F signed by the whistleblower. | |||
Section F of Form TCR is the whistleblower’s declaration that the submission is “true, correct and complete to the best of my knowledge, information and belief.” Importantly, whistleblowers sign this declaration under the penalty of perjury. Whistleblowers should consult with their attorney if they have any concerns about the declaration. | |||
== Potential Exposure in an Anonymous Submission == | |||
The documents or information contained in a whistleblower’s submissions could potentially expose a whistleblower’s identity. As such, whistleblowers and their attorneys should first assess whether the benefit of providing the evidence outweighs the risk of exposing the whistleblower’s identity. If a whistleblower chooses to provide the evidence, the whistleblower should explicitly identify it in Section D, Part 11 of the Form TCR and explain how the evidence could reveal the whistleblower’s identity if disclosed to a third party. Notably, even when a whistleblower submits potentially compromising evidence, the SEC is required to shield the whistleblower’s identity. Specifically, [https://www.sec.gov/about/offices/owb/dodd-frank-sec-922.pdf Section 21F(h)(2) of the Exchange Act] requires, with certain exceptions, that the SEC “shall not disclose any information, including information provided by a whistleblower to the [SEC], which could reasonably be expected to reveal the identity of a whistleblower.” Thus, '''even when the SEC obtains evidence that could expose a whistleblower’s identity, the SEC is required to go out of its way to protect the identity of the whistleblower.''' | |||
However, there are limits on the SEC’s ability to shield a whistleblower’s identity and in certain circumstances the SEC must disclose it to outside persons or entities. For example, in an administrative or court proceeding, the SEC may be required to produce documents or other information which could reveal a whistleblower’s identity. In addition, as part of the SEC’s ongoing investigatory responsibilities, the SEC may use information the whistleblower has provided during the course of its investigation. In appropriate circumstances, the SEC may also provide information, subject to confidentiality requirements, to other governmental or regulatory entities. | |||
'''Prior to submitting information to the SEC, whistleblowers should consult with an [https://www.zuckermanlaw.com/sp_faq/choose-best-whistleblower-attorney/ experienced SEC whistleblower law firm] to determine the appropriate steps to take to maximize the likelihood that their identity is protected throughout the process.''' | |||