Analysis

SEC Rule A Bittersweet Victory For Whistleblower Advocates

Law360 (September 24, 2020, 10:35 PM EDT) -- While applauding the U.S. Securities and Exchange Commission's decision to nix a controversial plan to limit the largest whistleblower awards, whistleblower advocates are lamenting the newfound uncertainty and ambiguity they say the SEC has injected into the program.

The final rule published Wednesday scrapped a 2018 proposal that would have given the SEC the discretion to reduce the award amounts to whistleblowers for cases that yield more than $100 million in total sanctions and at least a $30 million bounty.

The SEC backpedaled on the proposal, stating that a "formalized mechanism" for this isn't necessary and that the commission already had...

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