US Commodity Futures Trading Commission Strengthens Anti-Retaliation Protections for Whistleblowers and Enhances the Award Claims Review Process
05/22/2017The U.S. Commodity Futures Trading Commission (CFTC) unanimously approved a series of amendments to the CFTC’s Whistleblower Rules with the goal of strengthening anti-retaliation protections for whistleblowers and improving the review process for whistleblower claims.
Upon review of the CFTC’s anti-retaliation authority under the Commodity Exchange Act (CEA), either the CFTC or the whistleblower may now bring an action against an employer for retaliation against such whistleblower. The amendments also prevent employers from utilizing certain tactics that aim to hinder a potential whistleblower from contacting the CFTC, which include the use of confidentiality, pre-dispute arbitration, or comparable agreements.
Moreover, the amendments, in addition to strengthening whistleblower protections, will also aim to streamline the process of whistleblower award claims, provide greater transparency in respect to these claims, and harmonize the CFTC Whistleblower Program with that of the U.S. Securities and Exchange Commission.
These amendments establish a new claims review process which will be overseen by a Claims Review Staff in order to issue a Preliminary Determination regarding whether or not an award claim will be given. After a Preliminary Determination has been issued the whistleblower shall be able to view the record and is permitted to contest the Preliminary Decision made by the Claims Review Staff before the CFTC issues their Final Determination.
The amended rules go into effect 60 days after publication in the Federal Register.
View Federal Register vol. 82, no. 102.TOPIC: Derivatives