Difference between revisions of "SEC Whistleblower Program"

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=='''Potential Exposure in an Anonymous Submission'''==
=='''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.
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.
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.
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 experienced SEC whistleblower law firm to determine the appropriate steps to take to maximize the likelihood that their identity is protected throughout the process.
'''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.'''


=='''Disadvantages to Submitting a Tip Anonymously'''==
=='''Disadvantages to Submitting a Tip Anonymously'''==