Whistleblowing

CFTC plans to expand whistleblower awards and protections 

The U.S. Commodity Futures Trading Commission is asking for public comments about proposed amendments to the agency's whistleblower rules.

The amendments would give the agency the power to act against employers that retaliate against whistleblower. Payouts could also grow under the new rules.

The CFTC’s whistleblower program started operating in 2011. It was created by section 748 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

So far the agency has made four whistleblower awards.  

The biggest was in April this year when the CFTC awarded a whistleblower more than $10 million. Other awards were $240,000 in 2014, $290,000 in 2015, and about $50,000 last month.

The CFTC said in its latest annual report it denied awards to 25 whistleblower award applicants.

The program rewards people who voluntarily report violations of the Commodity Exchange Act if the information leads to a successful CFTC enforcement action resulting in sanctions of more than $1 million.

By law, the CFTC protects the confidentiality of whistleblowers and doesn't disclose information that might directly or indirectly reveal a whistleblower’s identity.