The SEC might be taking these steps since it hasn’t received as numerous deserving whistleblower complaints because it had wished it might. Based on the SEC staff are accountable to Congress, the SEC received 3,238 whistleblower tips in 2013, 3,001 this year and just 334 over the past four several weeks of 2011, following the program was initially implemented. Both McKessy and Christopher Ehrman, the Commodity Future Buying and selling Commission whistleblower chief, denied any dissatisfaction with the amount of tips the SEC receives, that they say typically is roughly nine or ten tips each day. Additionally they appear at first sight quite happy with the caliber of the guidelines they receive which many are becoming enforcement actions.
Although McKessy managed to get plain that provisions prohibiting employees from approaching the SEC are forbidden, he didn’t go to date regarding claim that employers cannot encourage (or perhaps require) internal reporting of illegal conduct. While employers (as well as their counsel) have apparent interests in encouraging – otherwise requiring – internal reporting of misconduct, they have to try not to hamper an employee’s capability to report such misconduct straight to the SEC.