SEC to review recent changes to whistleblower program
(Reuters) — The U.S. Securities and Exchange Commission will consider revising recent changes to its whistleblower program made under former President Donald Trump, the markets regulator's chair said Monday.
SEC Chair Gary Gensler said he has directed agency staff to review amendments adopted in September that prevent the agency from doling out awards to tipsters in matters when other authorities are involved or that could lead to smaller award amounts.
Under former SEC chair Jay Clayton, the SEC amended the whistleblower program it established after the 2007-2009 global financial crisis. The program has been widely viewed as a success, yielding $2.5 billion in penalties through fiscal 2020.
SEC officials are weighing whether to revise rules to allow the SEC to give money to tipsters who may be covered under another agency's whistleblower program and to clarify that the commission will not lower an award because of its size, Mr. Gensler said in a statement.
In June, Mr. Gensler said the agency was reviewing other rule changes made during the previous administration.
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