CFTC Proposes Several Changes to Whistleblower Program

The U.S. Commodities Future Trading Commission (CFTC) recently proposed several changes to its whistleblower program, including potential changes to its process for reviewing tipsters’ claims, its authority to administer the program, and its authority to implement anti-retaliation measures, among others.

The current whistleblower program has been in place for five years and initially was set up to encourage employees to report wrongdoing or abuse by company executives while also protecting them from retaliation.

Many of the proposals seek to clarify existing rules relating to who can claim an award, and how. For example, a claimant would be eligible for an award by providing original information even if the claimant is not the original source of the information.

The CFTC also would like to implement a process similar to the SEC’s for reviewing awards. Instead of the current award determination panel, the commission recommends putting in place a claims review staff. The commission also reportedly is considering allowing claimants the opportunity to review and potentially contest the staff’s initial determinations.

The commission also desires to protect would-be tipsters from retaliation by expanding the protective rules enjoyed under the SEC to enforcement actions under the Commodity Exchange Act, aiming to remove any gaps in whistleblower protection under current laws.

Call a Whistleblower Attorney Today

If you are a whistleblower and have been retaliated against, you may have certain legal rights that require your immediate attention.

If you have information regarding company wrongdoing and have questions about how the whistleblower process works, contact an experienced whistleblower attorney at Dimond Kaplan & Rothstein, P.A., today for a consultation to discuss your rights and options.

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