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SEC Adopts New 'Bounty Hunter' Rules Designed to Encourage Whistleblowers
The U.S. Securities and Exchange Commission (SEC) recently adopted “bounty hunter” whistleblower rules under section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 that are likely to encourage employees of public companies to report potential violations of securities laws directly to the SEC, rather than in accordance with established internal company compliance and reporting procedures. In a controversial move, the SEC did not include a provision in the final rules that would require whistleblowers to first report a claim pursuant to internal company procedures prior to being eligible for a bounty.
The final rules create a whistleblower program that rewards individuals who provide the agency with tips that lead to successful enforcement actions. The SEC will pay awards to whistleblowers who voluntarily provide the SEC with original information about a violation of securities laws that leads to a successful enforcement action brought by the SEC that results in monetary sanctions exceeding $1 million. The size of the bounty payments may range from 10% to 30% of the total monetary sanctions collected.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.