The U.S. SEC has now adopted a revised final rule designed to
award whistleblowers who voluntarily provide original information
to the SEC regarding violations of securities
laws where the enforcement action leads to monetary
sanctions totalling more than $1 million. The rules also seek to
support internal compliance programs by making a whistleblower
eligible for an award if the information is reported internally but
results in the company informing the SEC about the
violations. As we discussed in November 2010,
the SEC released a draft proposal last year, and the
final rule reflects changes made in response to public comments on
The provisions may be of particular interest to Canadian
companies since, while foreign officials and employees
of state-owned enterprises are excluded from
the whistle-blower program, employees of foreign companies
could be eligible for rewards.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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