WASHINGTON (Reuters) - corporate whistleblowers could mark several million dollars disbursed for reports financial wrongdoing under a new program approved by the securities regulatory agencies, on Wednesday.
A divided the Securities and Exchange Commission voted 3-2 to finalise the extent to which became one of the most contentious demands of the Dodd-Frank Wall Street last year right revision.
Keep would be paid between 10 and 30% of sanctions more than a million dollars for the information useful and original.
Google Inc. at JPMorgan Chase & Co expressed fears the whistleblower rule will undermine internal compliance programs to public enterprises by encouraging employees to go directly to the sec.
The rule does not whistleblowers for any first or simultaneously, report problems internally, as the companies had requested.
In a concession to businesses, the final version of the SEC would an informant still eligible for a reward if he or she reports wrongdoing to the company, and society, falls in turn, the sec.
An informant can also improve the chances of receiving a higher percentage by internal reports, but the rule protects only the informant of retaliation if the employee also reports the wrongdoing of the sec.
As the Chamber of Commerce of United States businesses interests remain deeply dissatisfied with the rule and could appeal to the Court. The SEC had put "profit counsel prior to effective compliance," the Chamber said in a statement.
Rewarding whistleblowers has a long history of the United States.
Last year the U.S. Department of Justice has given former employee of GlaxoSmithKline Plc Cheryl Eckard one rewards $ 96 million in the U.S. False Claims Act, an act of the civil-era war designed to discover the efforts to defraud government programs.
BREAK THE SILENCE.
The SEC rule greatly expands whistleblower reward the authority of the Agency. Front of Dodd-Frank, the SEC could only reward whistleblowing to obtain advice on cases of trafficking of insiders.
"" Rules of today are intended to break the silence of those who see a wrong,"said the Chairman of the SEC Mary Schapiro."
She said the final measure has struck the right balance between encouraging whistleblowers to report problems internally when appropriate, while offering the option of heading directly to the sec.
The SEC enforcement Chief Robert Khuzami said public SEC meeting Wednesday that the rule was already encouraging people to come forward. Persons who have provided advice after the Dodd-Frank was enacted last July could be eligible for a reward.
Two Republican SEC Commissioners voted against the rule and raised many concerns, of its impact on the internal compliance fears could flood the SEC with complaints not be successful.
"It significantly underestimate the negative impact on internal compliance programs and significantly overestimated our ability to triage and manage whistleblower complaints, effectively said SEC Commissioner Kathleen Casey."
Supporters of the rule, such as the National Whistleblower Center, hailed the Agency to withstand opposition by corporate lobbyists.
The rule should take effect 60 days after it is published in the Federal Register.
The Commodity Futures Trading Commission is working on a similar rule.
(Reports of Sarah n. Lynch;) (Editing by Tim Dobbyn)
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