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"It's all in the footnotes: A field guide to SEC whistleblower awards" (Part 3 of 5) by Christopher F. Regan, Thomas A. Sporkin, Matthew E. Newman, and Ian J. Acker (Business Law Today)

Business Law Today

Christopher F. Regan, Thomas A. Sporkin, Ian Acker

Part Three of this five-part series — “What Procedural Rights and Responsibilities Do Award Claimants Have?” — will examine footnotes related to two procedural aspects of the SEC whistleblower program: filing a whistleblower claim and contesting the SEC’s preliminary award determination.

What Procedural Rights and Responsibilities Do Award Claimants Have?

1. Filing a Whistleblower Claim

What happens when the SEC’s investigation is coming to a close and the whistleblower believes a potential award is on the horizon? Per the whistleblower rules, the next steps involve waiting for the SEC to issue a Notice of Covered Action and then filing a whistleblower award claim: “[w]henever a Commission action results in monetary sanctions totaling more than $1,000,000, the Office of the Whistleblower will cause to be published on the Commission’s Web site a ‘Notice of Covered Action.’ . . . A claimant will have ninety (90) days from the date of the Notice of Covered Action to file a claim for an award based on that action, or the claim will be barred.” Specifically, the claimant must complete a Form WB-APP and mail or fax a signed copy and any attachments to the Office of the Whistleblower within 90 calendar days of the Notice of Covered Action.

Click here to read Part 3 of the article.

Click here to read the full article.

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