Posted in Corporate Crimes/Insider Trading/Whistleblowing

Stronger whistleblower protections are coming to Australia

In particuar:

  • the definition of whistleblower has been expanded
  • same for that of “potential misconduct”,
  • anonymous disclsures will be allowed,
  • protection will be bolstered, and
  • the duty for large companies to adopt and enforce related policies.

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Posted in Corporate Crimes/Insider Trading/Whistleblowing

Key federal court broadens whistleblower protection

In the Somer case, the vice president of a public company reported possible securities law violations to senior management.

One of the acts conferring Dodd-Frank whistleblower protection under Section 21F is making the disclosures required by SOX, which protects those reporting securities laws violations through internal channels.

Yet  Section 21F also defines the word “whistleblower” to require a person to provide information about a violation to the SEC,  and Somers had not done that before being fired.

Therefore, the issue was whether the fact that the plaintiff did not report to the SEC meant he was not a “whistleblower” and hence could not sue under Dodd-Frank.

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Posted in Corporate Crimes/Insider Trading/Whistleblowing

Government advisers accused of ‘full-frontal attack’ on whistleblowers

UK. In a phase when the whole world is giving more attention to whistleblowing, where US and EU are according more protection to whistelblowers, in order to tackle financial crimes, what’s better than leaving EU to not be subject to this course?

UK is reportedly trying to criminalise whistleblowing by embittering jail from 2 to 14 (!) years and including such actions within the definition of “espionage”.

Needless to say that such move is not meeting the favour of lawyers and jurists and that the most important organisations involved have not been consulted.

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