On November 3, 2010, the Securities and Exchange Commission (SEC or Commission) released its proposed rules to implement the whistleblower program established by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Generally speaking, the whistleblower program requires the Commission to pay an award or bounty to eligible whistleblowers who voluntarily provide the Commission with original information about a violation of securities laws, which then leads to a successful enforcement action. If the Commission recovers over $1,000,000 through penalties, fines or disgorgement of gains, the eligible whistleblower can receive between 10–30 percent of the recovery. Additionally, there are protections against retaliation by employers if an employee is the whistleblower.
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