On November 17th, Todd Cipperman spoke on the topic of "The Evolving Regulatory Landscape - Practical Insights for Compliance Officers" at a webinar co hosted by MyComplianceOffice and Cipperman Compliance Services LLC. This is the fifth post of a seven part series which will address some of the topics covered by Todd during the webinar. You can watch videos of that webinar here.
The SEC’s Enforcement Director, Andrew Ceresney, lauded the SEC’s whistleblower program while encouraging competitive whistleblowing and lawyers that represent whistleblowers. Mr. Ceresney expressed his appreciation for whistleblowers, the success of the program, and its “transformative impact.” Although approximately half of award recipients were current or former employees of companies for which they reported wrongdoing, Mr. Ceresney also encouraged whistleblowing by company outsiders who have in-depth market knowledge. Mr. Ceresney also lauded whistleblower lawyers who help manage client expectations and ensure confidentiality.
OUR TAKE: Mr. Ceresney’s comments may hasten the spread of competitive whistleblowing whereby industry competitors use the SEC’s enforcement mechanics to hobble a rival. Also, encouraging whistleblowing lawyers could revive the same sort of securities class action lawyers that plagued the securities markets in the 1980s and 1990s.
Author of post: Todd Cipperman, Cipperman Compliance Services LLC
This is the fifth post in our seven-part series following a webinar with Todd Cipperman on "The Evolving Regulatory Landscape - Practical Insights for Compliance Officers" . Subscribe to get notified of part 6, "Hedge Fund Manager Faces Insider Trading and Report Filing Charges (SEC v. Cooperman and Omega; 9/22/16)".
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