The new interpretation better explains who qualifies as a whistleblower and clarifies the circumstances under which whistleblowers are protected from retaliation. There was confusion over whether a whistleblower would be protected from retaliation if he or she had first reported suspected fraud to someone inside the company—such as a compliance official—instead of the SEC. In the new rule, the SEC states: “Under our interpretation, an individual who reports internally and suffers employment retaliation will be no less protected than an individual who comes immediately to the Commission.”

Read the full interpretive rule at

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