Tariffs-Free Regulatory Importing?
Asad Akhtar
million. Lastly, it enhanced the prohibitions relating to retaliation by employers against
whistleblowers that were introduced under the Sarbanes-Oxley Act of 2002.45
3. Framework for Regulation 21F
To be eligible for a reward under Regulation 21F, a claimant must “voluntarily provide
the SEC with original information that leads to successful enforcement by the SEC of a federal
court or administrative action in which the SEC obtains monetary sanctions totaling more than
$1 million”.46
1. Ineligible Claimants
Ineligible claimants, under the SEC Final Rules and Dodd-Frank, for the whistle blowing
program include: 47
individuals with a pre-existing contractual/legal duty to report information to the
Commission;
attorneys seeking to disclose privileged information in making a claim for themselves;
claimants who obtain information in violation of federal or state criminal law;
individuals who are criminally convicted in connection with the conduct;
employees of certain agencies;
foreign government officials; and
Individuals informed by other persons of the allegations.
45
Sarbanes-Oxley Act, Pub. L. No. 107-204, § 806, 116 Stat. 745, 802-04 (2002), [SOX].
Implementation of the Whistleblower Provisions of Section 21F of the Securities Exchange Act of 1934, SEC File
No. S7-33-10, (August 12, 2011) at § 240.21F-3.
47
Ibid at § 240.21F-2.
46
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