September 14, 2018
Instead of providing a simple and clear whistleblower program (as legally required by the Dodd-Frank Act), these proposed rules further complicate and disincentivize whistleblowers from coming forward.
Whether it is on purpose of not, the SEC is not creating forces that encourage would-be-whistleblowers from coming forward and instead if creating a market for whistleblower lawyers - this is very dangerous and will negatively impact the effectiveness of the whistleblower program.
If a whistleblower needs a lawyer to understand the rules or answer questions about the probable timeline, then a whistleblower may stop there and no longer pursue any potential whistleblower tips.
This is incredibly damaging. I would encourage the SEC to review the comments from actual and would-be-whistleblowers and enact policies to ensure that everyone is well informed about the operations of the program, there are methods to request basic information, and whistleblowers are able to understand the timeline and submission process without seeking legal counsel.
Furthermore, the SEC MUST ensure that the whistleblower program abides by the Administrative Procedures Act, by among other things:
1.) Allowing whistleblowers to request expedited processing
2.) Allowing whistleblowers to request the recusal of biased Claims Review Staff
3.) Allowing a whistleblower to submit relevant motions
4.) Disclosing to whistleblowers a clear and concise timeline for adjudications and
5.) Hiring adequate staff in order to process claims and respond to inquiries in a timely and complete manner.