If it’s about increasing transparency within the finance industry, the Securities and Exchange Commission’s whistleblower program is clear as mud.
The program, created as part of Dodd-Frank legislation passed by Congress, has received more than 10,000 tips, with 300 claiming awards, according to SEC data.
The SEC list states that 17 payouts have been made, without disclosing specific amounts or specified charges.
The program currently has nearly 700 enforcement actions listed on its Web site, many eligible for awards to those providing inside information.
The original law laid out in Dodd-Frank did not provide adequate safeguards for the whistleblower. The 2012 Whistleblower Protection Enhancement Act substantially strengthened whistleblower protections under federal law.
The 2012 law gave better protections for the whistleblower against employer retaliation.