The U.S. Securities and Exchange Commission (“SEC”) announced that it had awarded $450,000 to a whistleblower. Unlike most individuals who receive a whistleblower award from the SEC, the recipient of this award had compliance-related responsibilities at their firm. Under the compliance officer exclusion, Individuals whose primary duties include compliance or internal audits are usually not eligible for SEC whistleblower awards. However, those individuals can be eligible for an SEC whistleblower award if 120 days have passed since that individual reported the issue internally. Per SEC Protocol, neither the whistleblower nor the enforcement action was identified.
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