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Amendments Broaden Eligibility Standards, Revamp Review Process for CFTC Whistleblower Claims

The CFTC recently amended its regulations and forms to enhance the process for reviewing whistleblower claims. Among the amendments are provisions that: prohibit companies from using confidentiality and similar agreements to deter potential whistleblowers or from retaliating against whistleblowers; allow more time for potential whistleblowers to notify the agency of a tip; and allow a person to notify Congress, another law enforcement agency or foreign regulator before sharing the information with the CFTC. The CFTC is also making its whistleblower claims review process similar to the SEC’s review process and is placing oversight responsibility for the program with the chief of its Enforcement Division, according to a report. Former SEC Chairwoman Mary Jo White, during a webinar reported on by Law360, said that the SEC’s whistleblower program is likely to continue under the SEC’s new leadership and that she doesn’t expect significant changes to the program despite proposals in the Financial CHOICE Act to limit the types of persons eligible for awards.