On May 22, 2017, the U.S. Commodity Futures Trading Commission (Commission or CFTC) announced important changes to its whistleblower program, aiming to encourage more whistleblowers to come forward by enhancing anti-retaliation protections and relaxing eligibility requirements.1 The rule amendments also largely harmonize the Commission’s whistleblower framework with the Security Exchange Commission’s (SEC) program.2
In 2010, Congress authorized the Commission to establish a whistleblower program in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Implementing that authority, the Commission adopted its initial whistleblower rules in 2011. Under the CFTC’s program, an individual who reports to the CFTC possible violations of the Commodity Exchange Act (CEA) is eligible for a monetary award when the individual’s original information leads to a successful Commission enforcement action in which the agency recovers more than $1 million.3 Those awards can range anywhere from 10 to 30 percent of the amount the agency collected.4 To date, the Commission has issued three whistleblower awards, only one of which was for a substantial amount (more than $10 million).5 The amended rules seek to incentivize more whistleblowers to come forward by enhancing anti-retaliation protections and expanding the whistleblower eligibility requirements. The rule amendments also largely harmonize the Commission’s whistleblower framework with the SEC program.
