Dodd-Frank Wall Street Reform and Consumer Protection Act: Conference Report
23(A) – qui tam for whistleblowers under the Commodities Exchange Act
23 sub (H) – anti-retaliation provision, which permits whistleblowers to go to federal court if they are retaliated against for filing fraud claims under the Commodities Exchange Act
21F(a) qui tam for securities fraud: new qui tam rewards and incentives for whistleblowers who blow the whistle on securities violations
21F sub (H)(1) anti-retaliation provision for employees who file qui tam claims under securities law
(H)(1)(A)(iii) anti-retaliation for employees who make disclosures under SOX, any violation of SEC art or who make protected disclosures under obstruction of justice act
Claims filed in federal court – employees entitled to double back pay
(B) statistical ratings organizations (Moody’s & Standard & Poor’s) now protected under SOX anti-retaliation provisions (C) SOX whistleblower protection act enhanced and amended to increase the statute of limitations, guarantee jury trials, and prohibit mandatory arbitration agreements
Section 923 – Conforming amendments
Section 924 – SEC regulations to establish special whistleblower office and impose regulations enforcing whistleblower rules.
Section 929A – SOX anti-retaliation law is clarified to ensure subsidiaries of publicly traded companies are fully protected under the whistleblower protection law
Section 966 – Federal employees are losers under the Act and regulators obtain no protections except a glorified “suggestion box”
Section 1057 – New whistleblower protection for employees who make disclosures to the newly created consumer protection board
Section 1079B(c) – Amends the False Claims Act anti-retaliation law to provide for universal national 3 year statute of limitations to file wrongful discharge claims under the False Claims Act.
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