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SEC Issues Final Rules Implementing New Whistleblower Program
27 May 2011
The SEC has adopted final rules implementing the whistleblower bounty program in Section 21F of the Securities Exchange Act of 1934, enacted as part of the July 21, 2010, Dodd-Frank Wall Street Reform and Consumer Protection Act.
The SEC's bounty program provides that eligible whistleblowers who provide information to the SEC that leads to a successful enforcement action in which the SEC recovers a total of at least $ 1 million in monetary sanctions will receive an award of between 10% and 30% of the amount obtained by the SEC.
The final rules permit whistleblowers to receive an award for reporting possible violations of the federal securities laws to the SEC without requiring them to report the information to an internal compliance program.
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