PRIA, Government Policy, Made Personal

Summary

The Securities and Exchange Commission (SEC) must create final rules to run the new whistleblower program within 270 days after July 21, 2010. If a person gives the SEC written information after July 21, 2010 but before those rules take effect, that information still counts as original information for the program. A whistleblower can get a reward even if the law break they report happened before July 21, 2010. The SEC must set up a separate office to run and enforce the whistleblower program. That office must send a yearly report to the Senate Committee on Banking, Housing, and Urban Affairs and to the House Committee on Financial Services about what it did, the whistleblower complaints it got, and how the SEC responded.

Title 15, §78u–7

Commerce and Trade, Source: USLM XML via OLRC

(a)The Commission shall issue final regulations implementing the provisions of section 78u–6 of this title, as added by this subtitle, not later than 270 days after July 21, 2010.

(b)Information provided to the Commission in writing by a whistleblower shall not lose the status of original information (as defined in section 78u–6(a)(3) of this title, as added by this subtitle) solely because the whistleblower provided the information prior to the effective date of the regulations, if the information is provided by the whistleblower after July 21, 2010.

(c)A whistleblower may receive an award pursuant to section 78u–6 of this title, as added by this subtitle, regardless of whether any violation of a provision of the securities laws, or a rule or regulation thereunder, underlying the judicial or administrative action upon which the award is based, occurred prior to July 21, 2010.

(d)The Securities and Exchange Commission shall establish a separate office within the Commission to administer and enforce the provisions of section 78u–6 of this title (as add 11 So in original. Probably should be “added”. by section 922(a)).22 See References in Text note below. Such office shall report annually to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives on its activities, whistleblower complaints, and the response of the Commission to such complaints.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This subtitle, referred to in subsecs. (a) to (c), means subtitle B (§§ 921–929Z) of title IX of Pub. L. 111–203. section 922(a), referred to in subsec. (d), means section 922(a) of Pub. L. 111–203. Codification Section was enacted as part of the Investor Protection and Securities Reform Act of 2010, and also as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and not as part of the Securities Exchange Act of 1934 which comprises this chapter.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of Title 12, Banks and Banking. Definitions For definitions of “Commission” and “securities laws” as used in this section, see section 5301 of Title 12, Banks and Banking.

§78u–7 Implementation and Transition Provisions for Whistleblower Protection