SEC Seeking Snitches: Reasonable Suspicion of Potential Violation Not Required.
Do you realize what Dodd-Frank did? Snitch on whomever you want for securities violations or any other manner of financial misdoing (as if the SEC was so concerned with that before) and receive full protection against retaliation. Isn't this a wonderful world we live in?
Via the SEC:
Who is a Whistleblower?
The proposed rules define the term "whistleblower" as a natural person who, alone or jointly with others, provides "original" information to the SEC relating to a potential violation of the securities laws. This is consistent with the broad definition in the Dodd-Frank Act, except that the SEC included the term "potential violation" to reach information beyond actual, proven securities violations at the time the information is submitted. Further, the SEC's proposed definition will permit a whistleblower to benefit from the anti-retaliation provisions (described below), regardless of whether there is an ultimate adjudication, finding or conclusion that the conduct reported by the whistleblower constituted a violation of the securities laws.
Know what that means? Allegations could have absolutely no merit and these whistleblowers are safely guarded from any sort of payback.
It's a beautiful thing!