On December 30, the U.S. Securities and Exchange Commission (SEC) Office of the Whistleblower posted eight new Notices of Covered Actions (NoCAs). Each NoCA signifies that the agency is now accepting whistleblower award claims for the covered enforcement action. One of the newly posted NoCAs covers a recent case where the SEC charged Goldman Sachs with failing to follow its policies and procedures involving ESG investments.
Through the SEC Whistleblower Program, qualified whistleblowers, individuals who voluntarily provide the SEC with original information that contributes to a successful enforcement action, are entitled to monetary awards of 10-30% of the funds collected in the enforcement action. Once the SEC posts a NoCA for an enforcement action, a whistleblower has 90 days to file a whistleblower award claim.
The Goldman Sachs NoCA covers charges announced by the SEC on November 22. The SEC charged Goldman Sachs Asset Management, L.P. “for policies and procedures failures involving two mutual funds and one separately managed account strategy marketed as Environmental, Social, and Governance (ESG) investments,” according to the press release.
The SEC claims that “[f]rom April 2017 until June 2018, the company failed to have any written policies and procedures for ESG research in one product, and once policies and procedures were established, it failed to follow them consistently prior to February 2020.”
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