Bloomberg Law cites the views of Phillips & Cohen partner Sean McKessy, the former Chief of the SEC Office of the Whistleblower, on how the SEC’s newly adopted whistleblower program rule changes could negatively impact who whistleblower awards are assessed.
McKessy, now a partner at Phillips & Cohen LLP, called the rules “alarming,” saying they go against congressional intent by allowing commissioners to consider the amount of a bounty when determining the award percentage.
“The SEC whistleblower program has been extremely successful as it is, which is why it is so puzzling and disappointing that the SEC has passed rules that will undermine it,” he said in a statement.
Read the entire article, “Divided SEC approves new whistleblower award rules,” on Bloomberg Law’s website