Gary Gensler is Chair of the U.S. Securities and Exchange Commission. This post is based on his recent public statement. The views expressed in the post are those of Chair Gensler, and do not necessarily reflect those of the Securities and Exchange Commission or the Staff.
Today [Feb. 10, 2022], the Commission voted to propose amendments to rules governing the SEC’s whistleblower program. I support these amendments because, if adopted, they would help ensure that whistleblowers are both incentivized and appropriately rewarded for their efforts in reporting potential violations of the law to the Commission.
After the 2008 financial crisis, Congress under the Dodd-Frank Act directed the SEC to establish a whistleblower program. The Commission was directed to pay awards, subject to certain limitations and conditions, to whistleblowers who provide original information that leads to a successful enforcement involving wrongdoing in the securities markets.
Whistleblowers provide a critical public service and duty to our nation, taking personal and professional risks in doing so. Since the program’s inception, enforcement matters brought using information from whistleblowers have resulted in more than $1.3 billion that has been (or is scheduled to be) returned to harmed investors.
Today’s release would help ensure the whistleblower program’s continued success.
