Originally published in NSCP Currents - February 2017.

While announcements of large cash awards grab most of the spotlight for the Securities and Exchange Commission’s (SEC or the Commission) whistleblower program, SEC officers have also stated that protecting whistleblowers is an SEC priority, and that they are committed to enforcing the program’s whistleblower anti-retaliation provisions. To date, the SEC has brought three actions where it has found an employer’s treatment of an employee whistleblower to be retaliatory. Through two of those actions, the SEC has also made clear that it will bring charges against employers based solely on the manner in which they handle employee whistleblowers, without charging other violations of the federal securities laws. Management, compliance, legal and human resource professionals should therefore understand how the SEC’s anti-retaliation provisions work, as well as the circumstances that have led to enforcement actions, in order to avoid unnecessary liability. This article explains the relevant law, describes the SEC’s anti-retaliation enforcement actions, and offers suggestions for responding appropriately to employee whistleblowers.