The United States Commodity Futures Trading Commission (CFTC) has established a program to help regulate and protect the integrity of the Commodity Exchange Act; the whistleblower program. Created by the Dodd-Frank Act,the whistleblower program provides individuals who have reported that violations to the Commodity Exchange Act have occurred,often from the inside,with protection and monetary incentives. According to whistleblower attorney,becoming a CFTC whistleblower is a serious thing that can impact the individual’s employment and reputation,which is why the whistleblower program makes it worthwhile for individuals willing to take those chances.
What Incentives Does the Whistleblower Program Include?
Under the whistleblower program,the CFTC has numerous incentives in place for individuals who volunteer information that is useful in maintaining and regulating the integrity of the commodities exchange market. The CFTC pays out monetary awards to whistleblowers whose tips lead to enforcement. The amount of these monetary incentives is dependent upon how much money was involved in the monetary sanction.
Legal Rights of Whistleblowers
Whistleblowers also have the legal right to sue their employer if their actions have resulted in retaliation or unfair treatment in the workplace. The CFTC also has the right to enforce anti-retaliation practices to the guilty employer. Get ahttp://www.ayersinfonet.com/do-whistleblowers-need-lawyers/ to help with this.
Submitting Award Applications
In order for whistleblowers to benefit from the full protection and incentives of the program,their tip has to result in enforced action by the Commission,and they also have to submit an award application when the tip is given and when the enforcement action has taken place.
When it comes to becoming a CFTC whistleblower,it is a serious decision that many individuals struggle with. Some feel loyal to their employers even if they know they are doing something unethical or illegal. Thanks to the whistleblower program,the integrity and regulation of the commodities exchange market is protected.