NWC Objects to Proposed Rules After SEC Admits the Rules Will Result in "Forgone Opportunities for Effective Enforcement"
Washington, D.C. November 22, 2010. Today, the National Whistleblowers Center (NWC) voiced its strong opposition to Proposed Rules submitted by the Securities and Exchange Commission implementing the whistleblower provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Washington, D.C. November 10, 2010. Today, the Commodity Futures Trading Commission (CFTC) proposed rules to implement the whistleblower provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Section 23 of the Commodity Exchange Act. This follows proposed rules issued by the Securities Exchange Commission (SEC) on November 3, 2010 implementing the Dodd-Frank whistleblower provisions amending Section 21F of the Securities Exchange Act. The National Whistleblowers Center submitted pre-proposal comments to both the CFTC and the SEC and will be submitting formal comments on the proposed rules.
November 3rd SEC public meeting will address whistleblower provisions
Washington, D.C. November 2, 2010. Yesterday, the National Whistleblowers Center submitted comments to the Securities and Exchange Committee opposing recommendations by the “Corporate Lobby” that threaten the integrity the Dodd-Frank Act’s whistleblower provisions.
FCA Legal Actions
Could Result in BP Paying Treble Damages To United States Taxpayers
Washington, D.C. July 26, 2010.
Assistant Attorney General Tony West confirmed that the U.S. Department
of Justice was "considering all avenues of redress against the potentially
responsible parties," according to a letter released today by the National
Whistleblower Center. The letter specifically mentions the False Claims Act
("FCA"). The letter is in response
to a letter from NWC urging the government to use the FCA to hold responsible
parties accountable for losses suffered by the taxpayers as a result of the
Deepwater Horizon disaster.
Washington D.C. July 21, 2010. Significant whistleblower reforms included in the Dodd-Frank Wall Street Reform and Consumer Protection Act were signed into law by the President this morning. The law contains a number of provisions designed to protect those who come forward to report securities and commodities fraud.
The National Whistleblowers Center has compiled the sections of the bill that pertain to whistleblowers, which include two new qui tam provisions for commodities and securities fraud, extends the statute of limitations under the False Claims Act to three years, and closes a loophole in the Sarbanes-Oxley Act by covering subsidiaries.
