On September 15, 2010, the SEC announced that it was rescinding its previously adopted procedural rules to administer the Insider Trading and Securities Fraud Enforcement Act of 1988 (codified as former Section 21A(e) of the Securities Exchange Act of 1934) because the statutory basis for the act had been removed in connection with the enactment of the Dodd-Frank Act. The Commission noted that the Dodd-Frank Act created a new and broader program for making monetary awards to whistleblowers and in connection with its enactment, Congress repealed Section 21A(e) of the Exchange Act. Unlike the earlier whistleblower provision, under Dodd-Frank awards may be paid in connection with “original information” concerning any violation of federal securities laws, and is not limited to insider trading violations. Awards may range from 10 to 30 percent of the amounts collected as monetary sanctions. While rescinding its prior rules, the SEC has yet to adopt final rules implementing the whistleblower provision of the Dodd-Frank Act.

In addition, the SEC adopted rule amendments exempting small issuers from the audit attestation requirements of the Sarbanes-Oxley Act. The Dodd-Frank Act added Section 404(c) to the Sarbanes-Oxley Act. Prior to passage of the Dodd-Frank Act, a non-accelerated filer would have been required to file an attestation report of its registered public accounting firm on internal controls for fiscal years ending on or after June 15, 2010. (All issuers will still be subject to the requirements under Section 404(a) that require an issuer's annual report to include a report of management on the issuer's internal control over financial reporting.) Rule Part 201. Rule Parts 210, 229, 249.