Saturday, May 22, 2010
Whistleblower Law Blog has a detailed description of the whistleblower provisions of the financial services industry bill. As the post states:
On May 20, 2010, the Senate passed the Restoring American Financial Stability Act of 2010 (S. 3217) by a vote of 59-39. The bill, which is the largest overhaul of financial services regulation since the New Deal, contains several new whistleblower protection provisions and strengthens the whistleblower protection provision of the Sarbanes-Oxley Act (SOX). This blog post summarizes these whistleblower provisions.
The post describes the following provisions:
- Section 922: Reward for Whistleblowing to the Securities and Exchanges Commission (SEC).
- Section 922: Prohibition Against Retaliation.
- Section 1057: New Whistleblower Protection for Financial Services Employees.
- Expansion of Sarbanes-Oxley Whistleblower Protection Provision