On February 26, 2026, the Securities and Exchange Commission (SEC) issued a Final Order denying a whistleblower an award because SEC officials did not read their submitted TCR. This determination affirms growing concerns among whistleblower advocates that the SEC is under-utilizing the TCR system, wrongfully denying whistleblowers awards.

The SEC whistleblower program, established by the Dodd-Frank Act, incentivizes whistleblowers to report original, timely information in return for monetary awards between 10% and 30% of recovered sanctions over $1 million. The program guarantees whistleblowers’ identities remain confidential and anonymous, and can remain so until an award application is processed.

In order to be eligible for an award, federal law requires all whistleblowers to submit a Tip, Complaint, or Referral (TCR) form when providing information to the SEC. The SEC has cited numerous reasons why a TCR is essential to operating a whistleblower program, including increased efficiency and ability to manage high volume of tips, accurate record of what information the whistleblower deems important, and a clear indication the whistleblower seeks heightened confidentiality protections. The federal register states, “the requirement to file a TCR has been a necessary initial step for an individual to obtain treatment as a ‘whistleblower’ under our rules and, in our experience, has proved beneficial to the effective administration of our whistleblower program.”

The SEC’s...

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