SEC Whistleblower Practice Guide

SEC Whistleblower Practice Guide 2019Contact UsFor an in-depth explanation of the nuts and bolts of the SEC Whistleblower Program, from preparing a winning “tip” to cooperating in an SEC investigation to claiming a whistleblower award, read KMB's SEC Whistleblower Practice Guide.

The 10th edition of the Guide published in 2021 and written by SEC whistleblower experts Lisa J. Banks and Michael A. Filoromo provides a comprehensive and up-to-date explanation of the law and valuable practice tips for SEC whistleblowers and their counsel, and also explains the legal protections that SEC whistleblowers have against retaliation. This ninth edition of the guide includes a breakdown of rulings by the U.S. Court of Appeals and U.S. Department of Labor's Administrative Review Board that rejected appeals efforts in the United States and retaliation protections extraterritorially, and efforts in Congress to reverse SCOTUS' Digital Realty decision. Also, the Guide covers recent whistleblower awards, including the first award to a whistleblower who reported a violation internally, prompting the company to proactively report the issue to the SEC.

To gain a better understanding of the material covered within the Guide, the table of contents is provided below:

  • Introduction
  • Background
  • The SEC Whistleblower Program Rules
    • A. Whistleblower Status
      • 1. “Voluntarily Provide”
      • 2. “Original Information”
        • Independent Knowledge and Independent Analysis
        • Exclusions from Independent Knowledge and Analysis - Attorneys, Compliance Personnel, Auditors and Officers
        • Information "Not Already Known" and the "Original Source" Exception
    • B. Rules Designed to Incentivize Internal Reporting
    • C. Information that Leads to Successful Enforcement
    • D. Monetary Sanctions Totaling More Than $1 Million
    • E. SEC Procedures for Submitting a Tip and Claiming an Award
      • ​The TCR Form
      • Submitting an Anonymous Tip
    • F. Determining the Amount of an Award
      • SEC Enforcement Interests
      • Unreasonable Delay
      • Culpability of the Whistleblower
    • G. Whistleblower Awards to Date
    • H. Claiming a Whistleblower Award
  • Protections Against Retaliation
    • A. Employee Protections Under the Sarbanes-Oxley Act
    • B. Employee Protections Under the Dodd-Frank Act
    • C. Extraterritorial Application of Whistleblower Protections
    • D. Enforcement of Anti-Retaliation Provisions by the SEC
    • E. Employer-Imposed Agreements That Impede Whistleblowers
  • Things to Think About Before and After You Tip

If you believe you have information about securities violations or foreign bribes – or you have provided such information and were retaliated against as a result – contact the nationally recognized whistleblower attorneys at Katz, Marshall & Banks, LLP. Your communications with us are confidential, and without charge or further obligation.

To learn more about SEC Whistleblowers & Katz, Marshall & Banks, view the following:

Our SEC Whistleblower blog also provides additional information and recent news:

Does Dodd-Frank Protect Internal Whistleblowers?
SEC Cracks Down on Company Policies that Prevent Employees from Reporting Fraud