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Qui Tam

: False Claims Act - Qui Tam

Industry groups to challenge SEC whistleblower rules?

By Phillips & Cohen LLP

The New York Times reports that financial trade groups are considering suits challenging the Securities & Exchange Commission's new whistleblower program.

A July ruling by a federal appeals court striking down a new proxy-access rule has emboldened industry groups that want to undermine the regulations that have been issued pursuant to Dodd-Frank.

Rather than relying on lobbying, which might occasionally gain them a loophole, the financial industry hopes that judicial rulings will halt rules altogether.

The whistleblower program is not the only aspect of Dodd-Frank regulations being eyed by banks and corporations. Rules governing oil and gas extraction in foreign countries are also under attack.

The SEC is reportedly considering an appeal of the proxy ruling. And according to the article, the Commodity Futures Trading Commission is evaluating whether to adjust its "proposed regulations." The CFTC itself presents these rules as final but has not yet published them in the Federal Register. That publication is required before the rules can go into effect.

Full post as published by False Claims Act - Qui Tam on August 18, 2011 (boomark / email).

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