'Whistleblower bounties a novel financial reform'

Senior Lecturer Michael Legg and Nicholas Mavraki write on how Australian companies may get caught up in dealing with US businesses (The Australian, 7 November 2011). Please see summary below:

On July 21 last year, President Barack Obama signed into US law the Dodd-Frank Wall Street Reform and Consumer Protection Act. The act is a response to the global financial crisis and contains extensive reforms to the US financial services industry.

One of the remarkable changes introduced by these reforms is the whistleblower provisions which grant monetary rewards to individuals who report illegal conduct to the Securities Exchange Commission. The provisions took effect on August 12 this year.

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