New SEC Rules and Deadlines Could Impact Thousands of Cases
11th November 2020

On November 5, 2020, rule changes to the SEC Whistleblower Program were published in the Federal Register. Although December 7, 2020 is the effective date of these rule changes, the new rules created several deadlines that apply retroactively, requiring SEC whistleblowers and their attorneys to be very attentive to and aware of these changes.

One of the most significant rule changes is in Rule 21F-9, which now requires whistleblowers to submit a Tip, Complaint or Referral (“TCR”) form within 30 days of first providing original information to the SEC in order to qualify for a reward when filing a whistleblower action. This 30-day deadline may be tolled by the SEC via a waiver if the whistleblower can demonstrate that he or she complied with the rule within 30 days of first learning about the requirement. However, a whistleblower can trigger the 30-day deadline when he or she retains an attorney to file a whistleblower claim. The applicability of this rule is “to all award claims still pending” as of December 7, 2020, and to all future filings. Accordingly, all SEC whistleblowers and whistleblower attorneys must be aware of this 30-day filing deadline, particularly in cases where the SEC was contacted by a whistleblower prior to retaining an attorney.

Click here for SEC Final Rules