On March 15, Senators Chuck Grassley (R-IA) and Elizabeth Warren (D-MA) introduced the SEC Whistleblower Reform Act of 2023 in order to further strengthen the highly successful Securities and Exchange Commission (SEC) Whistleblower Program. The bill bolsters the Dodd-Frank Act’s anti-retaliation protections and ensures that the agency processes award claims are processed by the agency in a more timely manner.

“This is an important bill that needs to be quickly passed,” said leading whistleblower attorney Stephen M. Kohn of Kohn, Kohn & Colapinto.

“The bill fixes the three big problems with Dodd-Frank: It covers internal whistleblowers who report to corporate compliance, it addresses the long delays that have bogged down the program, and it makes sure that nondisclosure agreements do not silence whistleblowers,” continued Kohn, who also serves as the Chairman of the Board of the National Whistleblower Center.

The bill aims to ensure the prompt payment of whistleblower awards by setting mandatory deadlines for the SEC to issue award determinations. In general, the bill would require that the SEC issues a determination no later than “the date that is 1 year after the deadline established by the Commission, by rule, for the whistleblower to file the award claim” or “the date that is 1 year after the final resolution of all litigation, including any appeals, concerning the covered action or related action.”

The bill also extends anti-retaliation protections to...

Read Full Story: https://news.google.com/rss/articles/CBMilgFodHRwczovL3doaXN0bGVibG93ZXJzYmxv...