The article discusses the inceptions and breadth of the SEC and CFTC Whistleblower Programs, and the criteria that whistleblowers must meet to be eligible for a monetary award for reporting securities or commodities and trading violations. The article notes that employees in compliance roles are uniquely positioned to have information regarding potential violations, but also have a duty to the company to detect and attempt to address those issues. The SEC and CFTC whistleblower program rules are designed to promote internal compliance programs, but also to encourage compliance employees to come forward if companies do not appropriately address or disclose violations.
Mr. Filoromo breaks down what compliance officers should be aware of, and the circumstances under which they still may be eligible for an award.
Read the full article here.