As required by Dodd-Frank Section 922, the SEC adopted final rules for a whistleblower program on Wednesday, by a vote of 3-2 that would impact any publicly traded company in this country. The rules explain the procedure by which individuals can become eligible and file a claim for an award, including the completion of a newly-approved Form-TCR, which will be available on the SEC’s website. Dodd-Frank explicitly prohibits retaliation by employers against whistleblowers, as defined under SEC rules (even if they are not eligible for a reward), and creates a private right of action for whistleblowers who are discharged or discriminated against by employers in violation of Dodd-Frank. The rules will become effective on the later of the date they are published in the Federal Register, or are provided to Congress. More details on the rule are available here.
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