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<b>BREAKING NEWS:</b> SEC Proposed Rule 21F-13: A Hidden Whistleblower Tax?

By Christine A. Edwards, Edward J. Johnsen and Jerry Loeser
December 06, 2010

Corporate Counsel take note: on Nov. 3, the Securities and Exchange Commission (the 'SEC') published proposed Regulation 21F (the 'Proposed Rules'), establishing a program designed to reward individuals who provide the SEC with information leading to successful enforcement actions. See Securities Exchange Act Release No. 63237 (Nov. 3, 2010) (the 'Proposing Release'). The proposal was mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act ('Dodd-Frank') and sets out procedures under which potential informants ('whistleblowers') could qualify for significant monetary awards by providing information to the SEC regarding violations of the federal securities laws. The deadline for comment on the Proposed Rules is Dec. 17, 2010.

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