US regulator to relax proposed whistleblower caps, tighter tip deadlines

The US securities regulator is poised to walk back a proposal to impose discretionary caps on whistleblower awards and tighten deadlines for formally filing tips when it votes to overhaul the bounty program this week, five people briefed on the matter told Reuters.

 

The Securities and Exchange Commission (SEC) on Wednesday will finalise changes to its whistleblower program, but will water down these proposed measures after whistleblower advocates, lawyers and lawmakers said the changes could deter insiders from flagging corporate fraud and misconduct.