On July 21, 2010, President Barack Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. 111-203 (Dodd-Frank), a statute designed to reform the U.S. financial regulatory system in response to the recent financial crisis. Among the most notable features of the legislation are its provisions designed to significantly enhance the protections available to whistleblowers. This month’s column focuses on these provisions, which strengthen the whistleblower protections provisions of the Sarbanes-Oxley Act of 2002 (SOX), create additional whistleblower retaliation causes of action and create monetary awards for whistleblowers who provide original information to the Securities and Exchange Commission (SEC) or Commodities Futures Trading Commission (CFTC).
SOX Expanded
Section 806 of SOX protects employees of publicly traded companies from retaliation for providing information about, or participating in investigations relating to, alleged violations of securities laws on the part of their employers. Sections 922 and 929A of Dodd-Frank contain important amendments to the SOX whistleblower provisions which have now significantly expanded their scope.
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