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SEC Whistleblower Rules Raise Companies’ Awareness

Will agency's rewards undermine companies' anti-fraud efforts?

By Staff Writer | Updated on October 01, 2011

The Securities and Exchange Commission’s whistleblower rules went into effect in August despite heated opposition from companies. Recent survey data suggest companies are taking the rules, mandated by Dodd-Frank, in stride. But the true test will come when companies see whether the SEC’s bounties interfere with their internal compliance programs.

A survey of board members at public companies released in September by BDO Consulting shows 66% do not expect the bounties to undermine their compliance programs, while 15% see a potential negative impact. On the other hand, 68% of directors would support legislation to require whistleblowers to report complaints internally to collect a reward from the SEC.

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