In a press release on September 23, 2020, the US Securities and Exchange Commission (“SEC” or “Commission”), in a split 3-2 vote, amended its whistleblower program in an effort to further encourage whistleblowers to provide tips to the Commission. Along with the new rules, the SEC’s Office of the Whistleblower published guidance regarding the process for determining award amounts for eligible whistleblowers. The amendments take effect 30 days following publication in the Federal Register.
This Legal Update provides further detail.