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Enacted pursuant to Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Rule 21F of the Securities Exchange Act of 1934, as amended, provides for monetary awards and protection from retaliation for corporate whistleblowers, among other things. Awards under the rule are limited to information relating to violations of federal securities laws leading to a successful Securities and Exchange Commission (SEC) enforcement action resulting in monetary sanctions exceeding $1 million. While the granting of awards under the rule is contingent on the satisfaction of multiple procedural and substantive requirements, the rule creates an unavoidable incentive for the disclosure of sensitive information about subject companies, including information that may be subject to attorney-client privilege, which, under certain circumstances, may be deemed a waiver of such privilege.

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