SEC Chairman Jay Clayton told U.S. legislators today at a Senate hearing that the SEC will not seek to impose any ceilings on the amount of a reward that the agency can grant to a whistleblower for reporting securities violations.

A public hearing had been scheduled by the SEC in October to announce amendments to the SEC whistleblower program, under which successful whistleblowers can be awarded up to 30% of the SEC’s recoveries resulting from the provision of information related to securities frauds. The SEC then postponed the hearing after whistleblower advocates expressed concern about the possibility of the enactment of “caps” on the amounts whistleblowers could recover.

Currently, there are no such caps and, according to the Chairman, the SEC will not, in fact, seek to impose any such caps. Clayton emphasized that that the SEC whistleblower program “has been extremely beneficial to investors” and that he supported the program.

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