SEC delays creation of whistleblower office

by Kurt Schulzke

One month after publishing draft Rule 21F that would implement its the new whistleblower program mandated by the Dodd-Frank Reform Act, the SEC announced in today’s Open Meeting that it will be unable to create the new whistleblower office because — as fallout from President Obama’s recent announcement of a freeze on federal spending — the agency lacks the necessary funds.  While SEC will continue to implement the whistleblower law to the extent possible using existing staff, it is clear that whistleblower cases will not receive the kind of special attention from the agency that the Dodd-Frank Reform Act contemplates.

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