WASHINGTON: The U.S. securities regulator is poised to walk back a proposal to impose discretionary caps on whistleblower awards and tighten deadlines for formally filing tips when it votes to overhaul the bounty program this week, five people briefed on the matter told Reuters.
The SEC proposed, among other measures, giving staff more latitude when assessing the value of awards and the discretion to reduce some payouts if they exceeded US$30 million. The SEC on Wednesday is set to water down those two proposals, the five people said. One of them added it will replace the proposed discretionary cap with a"more generous" solution, without elaborating. The same person said it will also address the filing deadline issue so that"in no case would a whistleblower not be eligible for an award because they contacted the SEC informally.
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