Difference between revisions of "SEC Whistleblower Program"

Accordingly, whistleblowers have an incentive to report internally to their companies’ compliance personnel before going to the SEC. If whistleblowers choose to report internally, then '''they should also report the same information to the SEC within 120 days.''' That way, in evaluating a potential award, the SEC will consider the date of the internal report, rather than the date that the whistleblower reported to the SEC. As the SEC puts it, the whistleblower office will “hold your place in line.” This may determine, for example, whether a whistleblower submitted “original information.”

Accordingly, whistleblowers have an incentive to report internally to their companies’ compliance personnel before going to the SEC. If whistleblowers choose to report internally, then '''they should also report the same information to the SEC within 120 days.''' That way, in evaluating a potential award, the SEC will consider the date of the internal report, rather than the date that the whistleblower reported to the SEC. As the SEC puts it, the whistleblower office will “hold your place in line.” This may determine, for example, whether a whistleblower submitted “original information.”

The SEC Whistleblower Office is relatively small, and thousands of tips are submitted annually. According to the [https://www.sec.gov/files/2020%20Annual%20Report_0.pdf SEC’s Annual Report Congress on the Whistleblower Program], the office received 6,911 tips in fiscal year 2020. As such, SEC whistleblowers and their attorneys should tailor their tips to quickly grab the whistleblower office’s attention. While one could write a book on this section alone, here are a few “rules” to keep in mind when drafting submissions:

The SEC Whistleblower Office is relatively small, and thousands of tips are submitted annually. According to the [https://www.sec.gov/files/2020%20Annual%20Report_0.pdf SEC’s Annual Report Congress on the Whistleblower Program], the office received 6,911 tips in fiscal year 2020. As such, SEC whistleblowers and their attorneys should tailor their tips to quickly grab the whistleblower office’s attention. While one could write a book on this section alone, here are a few “rules” to keep in mind when drafting submissions: