On Monday, the U.S. Securities and Exchange Commission announced the cancelation of Wednesday’s meeting on proposed changes to its whistleblower program. The meeting is expected to be rescheduled in November.
Stephen M. Kohn, chair of the National Whistleblower Center board, issued a statement: ” We welcome the postponement of the October 23rd meeting. It is vitally important that the SEC understands all of the issues and gets this rulemaking right.”
In a related development, Sen. Charles Grassley on Tuesday spoke on the Senate floor about a bill he introduced in September that would addresses problems with the SEC proposals. Also on Tuesday, staff from the NWC delivered a petition with more than 100,000 signatures calle on the agency to reconsider the proposed changes” to the SEC whistleblower program.
In the meantime, the topic is starting to get some attention.
Wall Street’s top watchdog loves to tout the success and importance of its whistleblower program.
“These awards show how critically important whistleblowers can be to the agency’s investigation and ability to bring a case to successful and efficient resolution,” said Jane Norberg, who heads the Securities and Exchange Commission’s (SEC) program, when announcing a $50 million reward for two whistleblowers in March.