ARTICLE
11 April 2018

SEC Issues First Whistleblower Award Under "Safe Harbor"

CW
Cadwalader, Wickersham & Taft LLP

Contributor

Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations. With offices in the United States and Europe, Cadwalader offers legal representation in antitrust, banking, corporate finance, corporate governance, executive compensation, financial restructuring, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, regulation, securitization, structured finance, tax and white collar defense.
The SEC issued its first whistleblower award under its "safe harbor" protection, granting a former company insider more than $2.2 million.
United States Corporate/Commercial Law

The SEC issued its first whistleblower award under its "safe harbor" protection, granting a former company insider more than $2.2 million.

According to the Order, the whistleblower submitted information to another federal agency first and then provided the same information to the SEC within 120 days. Under Exchange Act Rule 21F-4(b)(7), also known as the "safe harbor" provision, the SEC considers the date of the initial tip to the other federal agency as the date on which the SEC received the information.

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