The US Commodity Futures Trading Commission (CFTC) has approved amendments to rule to boost the agency’s anti-retaliation protections for whistleblowers and enhance its process of reviewing whistleblower claims.
Under new rules adopted, whistleblower can bring an action against employer for retaliating against the whistleblower.
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The rules also bar employers from preventing a would-be whistleblower from directly contacting CFTC about a possible violation. That includes enforcing or threatening to enforce confidentiality agreements, the CFTC said.
James McDonald, the director of the Division of Enforcement, said: “The Whistleblower Program is an integral part of the Division’s efforts to identify and prosecute unlawful conduct. The Commission’s approval of these rules today will further strengthen and enhance our efforts to protect customers and promote market integrity.”
The regulator also put into place a claims review staff to make preliminary determinations on award claims, while the whistleblower will be given a chance to contest that decision before a final determination is issued.
To make preliminary determinations on award claims, the regulator also established a claims review process which will utilise a claims review staff.
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By GlobalDataA whistleblower will be given an opportunity to contest the preliminary determination before a final determination is issued, the regulator added. The amendments also made changes to other key areas, such as whistleblower eligibility requirements.
