SEC Proposed Changes to Two Whistleblower Program Rules

The Securities and Exchange Commission today proposed two amendments to the rules governing its whistleblower program. The first proposed amendment concerns award claims for related actions that would be otherwise covered by an alternative whistleblower program. The second affirms the Commission's authority to consider the dollar amount of a potential award for the limited purpose of increasing an award but not to lower an award. "These amendments, if adopted, would help ensure that whistleblowers are both incentivized and appropriately rewarded for their efforts in reporting potential violations of the law to the Commission," said SEC Chair Gary Gensler. "The first proposed rule change is designed to ensure that a whistleblower is not disadvantaged by another whistleblower program that would not give them as high an award as the SEC would offer.