RELEASE: Taxpayers Against Fraud Offers Suggestions for Improving the SEC Whistleblower Program
Contact: Jeb White, [email protected]
WASHINGTON, DC (August 10, 2021) – Today, Taxpayers Against Fraud (TAF) delivered a letter to SEC Chairman Gary Gensler. The letter applauds Chairman Gensler for his decision to strengthen the SEC Whistleblower Program.
TAF offers several suggestions to improve the Program and proposes changes to the Rules that would restore the original intent of the Whistleblower Program. They include suggestions to do the following:
- Foster collaboration among the SEC and the Whistleblower and their counsel
- Rescind the erroneous “Independent Analysis” definition adopted in the September 2020 Amendments
- Improve collections and reward whistleblowers in bankruptcy proceedings
- Clarify that the amounts of collected monetary sanctions is not relevant factor in determining Whistleblower Award Percentage
- Rescind the New Rule excluding oral disclosures from the ambit of Dodd-Frank protected conduct
Rescind new Tips, Complaints, and Referrals form timing requirement that punishes whistleblowers for reporting misconduct directly to SEC staff
