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Securities Scholars' Comment Letter On Draft Whistleblower Award And Protection Act, Andrew K. Jennings, Samantha J. Prince, Benjamin P. Edwards, Andrew C. Baker
Securities Scholars' Comment Letter On Draft Whistleblower Award And Protection Act, Andrew K. Jennings, Samantha J. Prince, Benjamin P. Edwards, Andrew C. Baker
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In May 2020, the North American Securities Administrators Association (NASAA), an organization representing state and provincial securities regulators in Canada, the United States, and Mexico, released a draft Model Whistleblower Award and Protection Act (the Proposed Act) for public comment. The Proposed Act drew from securities-whistleblower statutes in Utah and Indiana, as well as the federal Sarbanes-Oxley and Dodd-Frank Acts.
In brief, the Proposed Act provided for a state-level securities whistleblower-award program and an anti-retaliation private right of action. NASAA received seven comment letters, including one from securities scholars. Our securities scholars’ letter highlighted two areas of concern. First, we …