The SEC said it would look into revising two amendments to its whistleblower award program rules adopted last September
In the case of the “related-action” rule, during the interim period the SEC would exempt certain eligible awards from the limitations of the amendment or notify the award recipients that they are affected by the amendments.
The applicants can then request a delay of the processing of the applications after the rule-making, according to the procedural announcement. The two Republican commissioners, in a joint statement Thursday, criticized the procedural changes. Hester Peirce and Elad Roisman said the procedural changes effectively nullified the standing SEC rules and were designed to ensure that the two rules are substantively ignored while proposed amendments are formulated and considered. They said such action reduces the certainty of the law.
“This course of action is unwise and continues a troubling and counterproductive precedent,” they said in the statement. “Abandonment of duly-adopted rules without notice and request for comment raises the prospect that the rules that the Commission adopts in compliance with the Administrative Procedure Act may be interim at best, and transitory at worst.”over the two amendments, filed a joint motion on Friday with the SEC in federal court in Washington, D.C.
“It’s a big event; we raised concerns in January, and less than six months later, the commission agreed to change the rules we challenged and abandoned enforcement of the two rules,” he said. “That’s a huge win for whistleblowers and a loss for those that have been championing Wall Street interests.”“The policy statement issued by the SEC on August 5, 2021, is a home run for whistleblowers,” Stephen M.
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