The SEC’s Whistleblower Program: Significant Developments SEC-Regulated Companies Should Know
The addition of Section 21F entitled “Securities Whistleblower Incentives and Protection” came about when the Dodd-Frank Act amended the Securities Exchange Act of 1934. This award program is in line with the Commission’s Whistleblower Rules that aims to identify and terminate fraud at an early stage. Moreover, Section 21F guides the Commission to grant monetary awards for qualified individuals who voluntarily delivered original information that leads to successful enforcement actions ensuing in over $1 million monetary sanctions. Inclusive to this, the whistleblower program was designed to complement existing corporate compliance programs while providing benefits for those with information about unlawful conduct.
On November 16, 2015, the Securities and Exchange Commission’s Office of the Whistleblower (OWB) released its 2015 Annual Report on the Dodd-Frank Whistleblower Program and announced awards granted to whistleblowers of 2015 along with the Office’s priorities for 2016.
In this LIVE Webcast, The Knowledge Group assembled a panel of key thought leaders and professionals to help the audience understand all the important issues with regard to the SEC’s Whistleblower Program. The speakers will also give a comprehensive update on this significant topic.
Key topics include:
- SEC's Whistleblower Program
- Significant Issues and Challenges
- Opportunities for Employers
- Lessons from Recent Cases
- Whistleblower Tips by Allegation Type and Geographic Location
- Up-to-the-minute Developments
Jane Norberg, Deputy Chief of the Office of the Whistleblower
SEC Office of the Whistleblower
- Brief overview of the whistleblower program
- Statistics from annual report 21F17a
- Recent awards given
- Retaliation basics
- Recent enforcement actions affecting whistleblowers
Arian M. June, Counsel
Wilmer Cutler Pickering Hale and Dorr LLP
- Recent developments in the SEC’s whistleblower reward program and the impact of that program on corporations and their employees
- Federal court rulings on anti-retaliation protection for internal reporting, including the current divide between the Fifth and Second Circuits
- Practical guidance for navigating internal whistleblower complaints and investigations, including Upjohn warnings, maintaining whistleblower confidentiality and cautionary measures during internal reviews
- How to ensure settlement agreements and confidentiality agreements comply with the SEC’s guidance in KBR
Terence Healy, Partner and Vice Chair of the Securities Enforcement Group
Hughes Hubbard & Reed LLP
- Internally from the corporate side – what can the company do to encourage reporting and compliance
- Ways to develop internal investigation protocols
- Ensure compliance with whistleblower issues
Aegis J. Frumento, Partner
Stern Tannenbaum & Bell LLP
- Notices of covered action
- A number of the award decisions
- Conclusions on how it’s working so far
Who Should Attend:
- FCA Lawyers
- Whistleblower Lawyers
- White Collar Lawyers
- Legal Counsel
- Top Level Management
- Multinational Companies
- Private and Public Companies
- Other related/interested Professionals and Organizations
Jane A. Norberg joined the SEC in January 2012 as Deputy Chief of the Office of the Whistleblower in the Division of Enforcement. In her capacity as Deputy Chief, Ms. Norberg helps administer the whistleblower program including working with whistleblowers and their counsel, reviewing and analyzing whistleblower applications for awards, and engaging in public outreach to educate potential whistleblowers and other interested parties about the program.
Prior to joining the SEC staff, Ms. Norberg was engaged in private law practice for 14 years, including at Shearman & Sterling LLP.
Jane A. Norberg joined the SEC in January 2012 as Deputy Chief of the Office of the Whistleblower in the …
Arian June has extensive experience with advising clients in government and internal investigations of potential securities law violations, including insider trading, financial reporting violations, broker-dealer supervisory matters and accountant liability cases. She has represented institutional and individual clients in a variety of investigations before government regulators, including the US Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Public Company Accounting Oversight Board, and the New York Attorney General, and in other regulatory investigations before the Consumer Financial Protection Bureau, criminal proceedings, and parallel civil litigation.
Ms. June also advises clients on various facets of the Dodd-Frank Act, including the implementation and impact of the Dodd-Frank Whistleblower Program. As a member of the firm’s Dodd-Frank Whistleblower Working Group, Ms. June closely monitors the developments surrounding the whistleblower rules and regulations, helps clients review current legal compliance and audit systems, counsels on response policies and procedures relating to potential or actual violations, and advises on implementing anti-retaliation policies. She also publishes frequently in this area.
Arian June has extensive experience with advising clients in government and internal investigations of potential securities law violations, including insider …
Terence Healy is a partner at Hughes Hubbard’s Washington, D.C. office and is Vice Chair of the Securities Enforcement Practice. He represents financial institutions, public companies, hedge funds, investment companies, and individuals in matters against the Securities and Exchange Commission (SEC), Department of Justice (DOJ), Commodity Futures Trading Commission (CFTC), Financial Industry Regulatory Authority (FINRA), and other regulators. His practice focuses on issues related to SEC enforcement, internal investigations, regulatory compliance, and complex litigation. Prior to re-entering private practice, Terence served as Senior Assistant Chief Litigation Counsel for the SEC's Division of Enforcement. In that role, he oversaw Commission investigations and prosecuted violations of the federal securities laws in cases related to the Foreign Corrupt Practices Act (FCPA), accounting fraud, insider trading, structured products and other issues. He also supervised a team of seven first-chair SEC trial lawyers. Before joining the SEC, Terence was a trial attorney at the DOJ where he represented the interests of the United States in several high-profile cases, including a number of multidistrict cases consolidated under 28 USC § 1407. He defended the government as lead counsel in many significant cases tried to bench or jury and protected the public treasury from substantial monetary claims.
Terence Healy is a partner at Hughes Hubbard’s Washington, D.C. office and is Vice Chair of the Securities Enforcement Practice. …
Aegis J. Frumento is a partner and the co-head of the Financial Markets Practice Group of Stern, Tannenbaum & Bell LLP in New York City. He has over 35 years’ experience representing broker-dealers, registered investment advisors and other financial market participants in legal and compliance matters. His current practice includes representing witnesses, subjects, targets and respondents in SEC and FINRA investigations and enforcement actions, preparing and advocating SEC whistleblower submissions, and generally counseling industry participants on regulatory compliance matters. Before joining Stern Tannenbaum in 2011, Aegis served as the Managing Director heading Morgan Stanley Smith Barney’s Executive Financial Services Department; the co-head of the Financial Markets Group at Duane Morris LLP; and the managing partner of the securities industry law firm Singer Frumento LLP. He is a graduate of Harvard College and NYU Law School, and frequently speaks, writes and is quoted in the media on securities law and industry-related issues.
Aegis J. Frumento is a partner and the co-head of the Financial Markets Practice Group of Stern, Tannenbaum & Bell …
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SEC Office of the Whistleblower
About SEC Office of the Whistleblower
About Wilmer Cutler Pickering Hale and Dorr LLP
WilmerHale is 1,000 lawyers strong, with 14 offices in the United States, Europe and Asia. The firm includes more than 500 litigators with unmatched trial, appellate and Supreme Court experience; a preeminent securities law practice with more than 200 lawyers; a regulatory practice that includes more than 100 lawyers who have held high-level government positions; an intellectual property practice enriched with more than 140 attorneys and technology specialists who hold scientific or technical degrees; more than 230 seasoned corporate lawyers and business counselors; and lawyers who focus on bankruptcy, environmental, labor and employment, real estate and tax matters. With a heritage that includes involvement in the foundation of legal aid work early in the 20th century, WilmerHale has consistently distinguished itself as a leader in pro bono representation.
About Hughes Hubbard & Reed LLP
Hughes Hubbard & Reed LLP is an international law firm ranked for ten years, including five years in a row as the top-ranked New York-based firm, on The American Lawyer’s A-List of what the magazine calls “the top firms among the nation’s legal elite.” Our attorneys advise and represent clients in over 30 specialized practices from offices in New York, Washington, D.C., Paris, Los Angeles, Miami, Jersey City, Kansas City, and Tokyo.
About Stern Tannenbaum & Bell LLP
STERN TANNENBAUM & BELL LLP was founded in March 2007 with the goal of providing the highest quality legal services in the most efficient and cost-effective way. The Firm’s smaller, more collegial setting allows them to provide individualized attention to all clients at sensible rates.
The Firm is comprised of highly sophisticated, experienced attorneys, trained at some of the nation’s premier law firms. They are committed to hard work and exacting standards.
There is no typical client of the Firm. Rather, their client base is large and varied, operating in widely diverse geographic areas and industries. What their clients do have in common is the Firm’s dedication to understanding each client’s business and needs.
The Firm is dedicated to pro bono service and civic and community activities, and its lawyers devote much time and effort to these pursuits.