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(Reuters) - A federal appellate judge criticized the U.S. Securities and Exchange Commission over its whistleblower award program on Monday, saying its rules were among the "sloppiest" he'd ever seen.
The SEC's whistleblower program grants awards to those who flag potential violations of securities law, either to the regulator or internally, when the information leads to successful enforcement actions.
U.S. Circuit Court Judge David Tatel of the U.S. Circuit Court of Appeals for the District of Columbia said during oral arguments that the rules are not clear about what actions make whistleblowers eligible for payouts under the program.
"This has got to be one of the sloppiest regulations I have ever seen," he said.
In the case in D.C., two anonymous whistleblowers argued they are entitled to awards from the SEC's $25 million settlement with Novartis AG in 2016 over allegations that the drugmaker bribed Chinese healthcare providers.
The company did not admit to wrongdoing.
The pair say they were the sources behind articles in 2013 alleging similar violations by two of Novartis' competitors.
Novartis undertook an internal review of its own dealings in China in response to the news, according to the SEC...
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