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Historic Whistleblower Reforms Included in Wall Street Reform Bill Signed into Law |
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.
Stephen M. Kohn, Executive Director of the National Whistleblowers
Center, said, "This bill contains historic reforms for whistleblowers
that set the stage for changing the culture of compliance and
accountability. The Securities and Exchange Commission and other federal
regulators must fully implement the Congressional intent behind these
reforms, or whistleblowers will continue to be 3rd class
citizens, on a good day."
Due to the importance of this new law, Stephen M. Kohn, who consulted
extensively during the formation of these whistleblower provisions, has
updated this Friday's seminar, titled "Integrating the False Claims Act
into your Law Practice," to include a special presentation on the new
law. Visit www.whistleblowers.org for more information.
Links:
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