The U.S. Commodity Futures Trading Commission (CFTC) announced Tuesday that it has unanimously approved amendments to its whistleblower rules that will, among other things, strengthen its anti-retaliation protections for whistleblowers and enhance the process for reviewing whistleblower claims.
Under the new provisions, the CFTC, or the whistleblower, may now bring an action against an employer for retaliation. The amendments also prohibit employers from impeding a prospective whistleblower from communicating directly with CFTC staff; and, they largely harmonize the claims process rules with the process followed by the U.S. Securities and Exchange Commission’s (SEC) whistleblower program. The amendments will “add efficiency and transparency to the process of deciding whistleblower award claims,” the CFTC says in a news release.
“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,” said James McDonald, the director of the CFTC’s division of enforcement, in statement.
The amended rules will take effect 60 days after they are published in the Federal Register.