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The SEC Whistleblower Program

By Stephanie Korenman and Aegis J. Frumento

Last month, in Part One of this article (available at http://bit.ly/2bfzQYd), we examined the overall structure, operation and experience of the SEC's Whistleblower program over the first five years of its operation. In Part Two herein, we take a closer look at how the Office of the Whistleblower (OWB) processes Whistleblower claims, and we examine the claim decisions rendered through April 2016.

A Whistleblower claim must refer to an SEC enforcement action (either administrative or federal court) for which a Notice of Covered Action (a NoCA) was posted on the OWB website. Any claim must be made within 90 days of that posting. Rule 21F-10(b). That posting is the only notice to which a claimant is entitled, and Whistleblowers who missed the posting and filed late have had their claims summarily denied. See Whistleblower Award Proc. No. 2016-5, Exch. Act Rel. No 77368, at 3-4 (Mar. 14, 2016) (“A potential claimant's responsibility includes the obligation to regularly monitor the Commission's web page for NoCA postings and to properly calculate the deadline for filing an award claim.”); see also Whistleblower Award Proc. No. 2014-3, Exch. Act Rel. No 71849, at 5 (Apr. 3, 2014).

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