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Stories of Interest
- FINRA RegNote 17-40: AML/KYC Requirements Under FINRA Rule 3310
- Trump defends Roy Moore: 'He totally denies it'
- Barclays CEO Staley's New Investment Banking Strategy Falters
- FIFO: Senate Plan Lets Mutual Funds Skip A Tax Change That Hurts Individual Investors
- FINRA Introduces New Functionality and Design to Fund Analyzer
- Oyster Bay, NY, and Former Top Official Charged with Defrauding Muni Investors
- State Street Challenging BNY Mellon As Largest Custody Bank
- Changes to FINRA Advisory Committees: Phase 1
- SEC Approves CAT Fee Dispute Resolution Process
- Boston-Area Consultant & Friend Settle SEC Insider Trading Charges
- SEC Chair Clayton: Statement on Status of the Consolidated Audit Trail ('CAT')
- Goldman to Launch $5bn Fund with China Investment Corp.
- Wells Fargo Launches Robo-Adviser Targeting Millenial Investors
- Barclays Fails to End U.S. 'Dark Pool' Class Action
- Goldman Sachs' Chief Risk Officer, Craig Broderick, to Retire
- Time to Renew FINRA Registrations - B/D, IA, Agent, IA Rep, Branches
- New Jersey’s Next Governor Could Be a Democrat Who Worked at Goldman Sachs
- FINRA New York Region Networking Seminar - December 1st
- SEC Approves “Pay-to-Play” and Related Rules for Capital Acquisition Brokers
- Hedge Fund Giant Paul Singer Targeted for Destruction by Steve Bannon
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NEWSLETTERS & ALERTS
Rules & Regulations
Congressional Bill Threatens Whistleblower Programs
Rep. Jeb Hensarling (TX-R), who introduced the Financial CHOICE Act 2.0, included provisions that would water down protections and incentives for those who speak on corporate wrong doing. The bill, which cleared the House Financial Services Committee last week, is designed to stop people who were involved in a scheme from profiting off it – that, according to a spokesperson for Rep. Hensarling.
According to the NYPost, the Financial CHOICE Act 2.0 has provisions to keep corporate whistleblowers involved in any wrongdoing from collecting awards. The act would also require the whistleblower to try to stop violations from happening within their company. The provision applies broadly any person who, “having a duty to prevent the violation, fails to make an effort the person is required to make.”
The current law prevents people who have been criminally charged from collecting whistleblower awards.
However, whistleblower advocates, like former SEC Chair Mary Jo White, fear that the proposed stipulations would force employees to choose between being fired or not reporting anything at all. “If you require an individual to go internally, they know they are putting their financial livelihood and their careers on the line, and they won’t go,” said Michael Kohn, President of the National Whistleblower Center.