“MR. LEHRER: You want to repeal Dodd-Frank? MR. ROMNEY: Well, I would repeal it and replace it.” (New York Times) The Dodd–Frank Wall Street Reform and Consumer Protection Act, both criticized and praised by Republican presidential candidate Mitt Romney in last night’s inaugural presidential debate, was passed in 2010 purportedly to end the practices that… Read more »
“The first whistleblower award is emblematic of a broader effort under Chairman Schapiro and Enforcement Director Robert S. Khuzami to enhance enforcement efforts by altering the dynamic of the investigative process in ways that provide the enforcement staff with additional avenues of information. Individuals in possession of sensitive, confidential business documents and information belonging to… Read more »
For your convenience, a roundup of updates on the topic of SEC enforcement, organized into three broad categories: enforcement actions, oversight and authority, and procedures. Enforcement Actions “District of Columbia Circuit Vacates SEC Default Order for Failure to Apply Rule Consistently” in Inside the Courts: An Update From Skadden Securities Litigators (Skadden, Arps, Slate, Meagher… Read more »
In a recent ruling, the U.S. Court of Appeals for the First Circuit found that employees of private contractors and subcontractors working for public companies are not entitled to whistleblower protections. The Court found in Lawson v. FMR LLC that the whistleblower provisions of the Sarbanes-Oxley Act apply only to direct employees of public companies.… Read more »
“The SEC recently released its annual report on the new whistleblower bounty program as required by the Dodd-Frank Act… The report does not contain, however, any meaningful information about the types of individuals who have provided information to the SEC, whether those individuals also use available internal reporting systems, whether the information has been actionable… Read more »
From law firm White & Case: “A key practice that anchors many corporate social responsibility programs and compliance initiatives is launching and publicizing an internal whistleblower procedure, report channel, or ‘hotline’ that entices insiders to denounce colleagues’ misdeeds so management can root out corporate crimes, corruption and cover-ups.Domestically within the US, workplace whistleblower hotlines are… Read more »
The Securities and Exchange Commission’s final rules implementing the whistleblower provisions of the Dodd-Frank Act take effect on August 12, 2011. For your peparation, here’s a reference list of pertinent whistleblower updates and commentary from law firms covering Dodd-Frank and related topics on JD Supra: Final Whistleblower Provisions Take Effect August 12th Is Your Company… Read more »
