Whistleblower Developments is a periodic report covering significant cases, decisions, proposals, and legislation related to whistleblower statutes and how they may impact your business. Recent developments include:
On February 10, 2022, the SEC proposed two amendments to the whistleblower program rules. The first amendment would allow the SEC to make awards to whistleblowers in connection with related actions that might otherwise be covered by an alternative whistleblower program, even where that alternative program has the more direct or relevant connection to the related action. The second amendment would affirm the SEC’s authority to consider the dollar amount of a potential award (as added to the rules in 2020) but would limit that discretion to increasing the amount; the SEC would not be able to decrease it. Per SEC Chair Gary Gensler, the amendments “would help ensure that whistleblowers are both incentivized and appropriately rewarded” for their reporting efforts.
On March 25, 2022, the D.C. Circuit Court of Appeals issued an opinion denying the appeal of two claimants who were denied whistleblower awards. The subject SEC enforcement action was against Novartis for violations of the Foreign Corrupt Practices Act. The SEC’s investigation spanned from 2012 to 2016, during which time these two hopeful claimants, both of whom were employees of...
The HYDRA Commissioner has clarified that HYDRA will not interfere with houses built in old layouts on ULC (Urban Land Ceiling) lands , nor with unregularised vacant plots in such layouts. He urge...