15 U.S.C. § 78u–7 — Implementation and transition provisions for whistleblower protection

submitted 16 years ago by Pub. L. 111-203 to r/title-15-COMMERCE-AND-TRADE · 233 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law sets up the transition rules for the SEC's whistleblower program created by section 78u–6. The SEC had to issue final regulations within 270 days of July 21, 2010. It also lets whistleblowers count information they gave before those rules took effect, as long as they gave it after July 21, 2010.

(a) Implementing rules. The SEC had to issue final regulations putting section 78u–6 into effect no later than 270 days after July 21, 2010. (b) Original information. If a whistleblower gave the SEC information in writing after July 21, 2010, that information still counts as "original information" under section 78u–6(a)(3), even if it was given before the whistleblower regulations officially took effect. (c) Awards. A whistleblower may still receive an award under section 78u–6, even if the underlying securities-law violation happened before July 21, 2010. (d) Administration and enforcement. The SEC had to create a separate office to administer and enforce section 78u–6. That office must report every year to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services about its activities, the whistleblower complaints it receives, and how the SEC responds to them.

the actual law source: uscode.house.gov ↗public domain

(a) Implementing rules

The Commission shall issue final regulations implementing the provisions of section 78u–6 of this title, as added by this subtitle, not later than 270 days after July 21, 2010.

(b) Original information

Information provided to the Commission in writing by a whistleblower shall not lose the status of original information (as defined in section 78u–6(a)(3) of this title, as added by this subtitle) solely because the whistleblower provided the information prior to the effective date of the regulations, if the information is provided by the whistleblower after July 21, 2010.

A whistleblower may receive an award pursuant to section 78u–6 of this title, as added by this subtitle, regardless of whether any violation of a provision of the securities laws, or a rule or regulation thereunder, underlying the judicial or administrative action upon which the award is based, occurred prior to July 21, 2010.

(d) Administration and enforcement

The Securities and Exchange Commission shall establish a separate office within the Commission to administer and enforce the provisions of section 78u–6 of this title (as add 1 by section 922(a)).2 Such office shall report annually to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives on its activities, whistleblower complaints, and the response of the Commission to such complaints.

Source credit: (Pub. L. 111–203, title IX, § 924, July 21, 2010, 124 Stat. 1850.)

history & why it existsrecord from the source credit

2010Enacted · Pub. L. 111-203 · 124 Stat. 1850

A history note hasn’t been published yet. The record shows enactment by Pub. L. 111-203 on 2010-07-21.

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