The SEC has released its first annual report on the Dodd-Frank whistleblower program.  The report details the steps the SEC has taken to establish the office, such has hiring the Chief of the Office of the Whistleblower Sean McKessy, hiring and training staff, obtaining advice from key organizations and relevant professionals, and publicizing the program.  In the seven weeks between the program’s effective date and September 30, 2011 when the SEC wrote the report the agency received 334 whistleblower tips.

The SEC’s report also lays out its process for vetting and progressing whistleblower complaints.  After the Office of Market Intelligence evaluates a submission and finds it to be specific, timely, and credible it will forward the complaint to the appropriate division or office within the SEC and, if a current case exists, will refer it to the staff assigned to that matter.  If the issue is more properly dealt with by another agency, the SEC will forward the complaint to the other agency if possible, ensuring the whistleblower’s confidentiality.

The SEC had not paid any awards at the time of the report, but had posted several sanctions in order for whistleblowers to claim their rewards.

Read the entire report, “U.S. Securities and Exchange Commission Annual Report on the Dodd-Frank Whistleblower Program- Fiscal Year 2011″