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.
Historic Whistleblower Reforms Included in Wall Street Reform Bill Signed into Law
The National Whistleblower 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.