The U.S. Commodity Futures Trading Commission (CFTC) is poised to adopt new rules and regulations that will improve the transparency of its whistleblower program while also bolstering protections for whistleblowers. The proposed amendments will also make the CFTC’s program more consistent with the SEC’s whistleblower program, which has already implemented similar rules and regulations.
“Since the whistleblower program was established in 2011, the need for certain improvements has become apparent,” the CFTC stated. By giving whistleblowers “greater clarity about the claims and awards process and greater assurance that retaliation would not be tolerated,” the CFTC believes the proposed rules will “encourage whistleblowers to step forward.”
Notably, the new rules would allow the CFTC to prohibit the enforcement of employment confidentiality agreements and other such agreements that might stifle whistleblowers. It would also clarify the definition of retaliation and expressly protect whistleblowers irrespective of whether the whistleblower qualifies for an award. The new rules are intended to be consistent with the approach taken by the SEC on these matters.
The proposed amendments were published on August 30, 2016, and would affect 17 C.F.R. Part 165. The period for public comment closed on September 29, 2016, and the proposed rules are now being evaluated in light of the comments received by the CFTC.
For more details on the proposed amendment, click here.
To contact experienced whistleblower attorneys, or for more information regarding the CFTC whistleblower office and how to become a whistleblower, click here.