WASHINGTON/NEW YORK: The U.S. securities regulator is rethinking a proposal that could weaken a landmark whistleblower program after a pushback from whistleblower lawyers and advocates, people with knowledge of the deliberations told Reuters.
The SEC has also proposed requiring that whistleblowers formally file their reward claim within 30 days of first initiating contact with the agency. Currently, staff may consider formal claims long after contact is made and an investigation is underway. The pushback prompted SEC chair Jay Clayton to take the unusual step of postponing a scheduled Oct. 23 vote to adopt the rule changes, according to public documents and the sources.
Sean McKessy, who set up the SEC whistleblower office and is now a partner at Phillips & Cohen LLP, was among those who met with Clayton, according to the calendars.
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