Sec. 4. Securities Exchange Act of 1934
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Section 21F of the Securities Exchange Act of 1934 ( 15 U.S.C. 78u–6 ) is amended— in subsection (a), by striking paragraph (6); in subsection (c)(1)(B)— in clause (i)(IV), by striking and at the end; in clause (ii), by striking the period at the end and inserting a semicolon; and by adding at the end the following: may not deny eligibility for an award that otherwise meets the requirements of this section if the information that forms the basis for the award is submitted not later than 90 days after a whistleblower gains knowledge of the disclosed misconduct; shall presume that a report made by a whistleblower is timely submitted; and may not reduce the award due to delay, absent a finding that the disclosure was deliberately postponed because of— culpability of the whistleblower; interference by the whistleblower with internal investigative processes; or attempts at self-enrichment by the whistleblower. ; in subsection (h)— in paragraph (1)— in subparagraph (A)— in the matter preceding clause (i)— by striking No employer and inserting No employer, prospective employer, or former employer, as applicable, ; and by striking a whistleblower in the terms and conditions of employment because of any lawful act done by the whistleblower and inserting a whistleblower with respect to the compensation, terms, conditions, or privileges of employment of the whistleblower because of any lawful act done by the whistleblower or perceived to have been done by the whistleblower (or any person acting pursuant to a request of the whistleblower), whether at the initiative of the whistleblower or in the ordinary course of the duties of the whistleblower ; in clause
(ii)by striking or at the end; in clause
(iii)by striking the period at the end and inserting a semicolon; and by adding at the end the following: in objecting to, or refusing to participate in, any activity, policy, practice, or assigned task that the whistleblower (or other such person) reasonably believed to be in violation of any law, rule, order, standard, or prohibition that is subject to the jurisdiction of, or enforceable by, the Commission; or in providing, preparing to provide, or assisting in the provision of information to the employer, prospective employer, former employer, a person with supervisory authority over the employee, or another such person working for the employer with the authority to investigate, discover, or terminate as a result of misconduct relating to any violation of, or any act or omission that the whistleblower believes to be a violation of any— provision of this title; other provision of law that is subject to the jurisdiction of the Commission; or rule, order, standard, or prohibition prescribed by the Commission. ; in subparagraph (B), by adding at the end the following: Except as otherwise provided in this section, complaints for relief shall be governed by the procedures, evidentiary standards, and burdens of proof in section 1057 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5567 ). ; and in subparagraph (C)— in clause (ii), by striking and at the end; in clause (iii), by striking the period at the end and inserting a semicolon; and by adding at the end the following: compensatory damages; and punitive damages in an amount not greater than $250,000. ; and in paragraph (2), by striking subparagraph
(A)and inserting the following: Except as provided in subparagraphs (B), (C), and (D), neither the Commission nor any officer or employee of the Commission may disclose any identifying information about a whistleblower who has provided information to the Commission— unless the Commission has obtained the written consent of the whistleblower; except in accordance with the provisions of section 552a of title 5, United States Code; or unless required to be disclosed to a defendant or respondent in connection with a public proceeding instituted by the Commission. ; and by adding at the end the following: An employer, prospective employer, or former employer, as applicable, may not take any action to impede an individual who is about to or has assisted or engaged in activity protected by this section, including— issuing, proposing, initiating, enforcing, or threatening to enforce, a confidentiality agreement (other than agreements dealing with information covered by sections 240.21F–4(b)(4)(i) and 240.21F–4(b)(4)(ii) of title 17, Code of Federal Regulations, as in effect on the date of the enactment of this subsection) with respect to such communications; initiating, enforcing, or threatening to enforce any agreement, policy, form, or condition of employment, including by any predispute arbitration agreement, that waives the rights and remedies provided under this section; requiring the individual to waive, release, or assign any monetary award that the individual may receive from the Commission; conditioning the right of the individual to receive any contractual or employment-related benefit on a waiver, release, or assignment described in paragraph (3); requiring the individual to disclose to any private party whether the individual has, or in the future intends to, communicate with the staff of the Commission about a possible violation of commodities law; conditioning the right of the individual to receive any contractual or employment-related benefit on a representation that the individual has not communicated with, or provided documents or other information, to the staff of the Commission; seeking civil or criminal liability for— acquiring and communicating information to the Commission; or engaging in other activity protected by this section; seeking professional discipline through loss of license, certification, or other disciplinary activities for engaging in activity protected by this section; seeking professional discipline of attorneys for representation of activities protected by this section, or any other action that obstructs the right to counsel of the individual; and engaging in any other discrimination that would chill the exercise of activity protected by this section. The Commission shall promulgate regulations requiring each employer— to have a procedure in place for an employee, applicant for employment, or former employee who believes that violations of this section have occurred or are occurring at the place of employment, place of prospective employment, or place of former employment to report— directly to the chief executive officer of the employer; to a representative appointed by and reporting directly to the chief executive officer who is specifically designated to receive such a report; or through a hotline consistent with professional best practices to the audit committee of the board of directors; and not to discriminate against an employee, applicant for employment, or former employee for making a report under paragraph (1). The protections provided by this section shall apply to foreign nationals living outside the United States. .
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- 15 USC 78u–6
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