In a newly released video, Sean McKessy, Chief of the SEC’s Office of the Whistleblower, provided useful ‘tips on tips’ to help prospective whistleblowers understand the basics of a whistleblower submission to the SEC. Three important takeaways from the video are: (1) Whistleblower submissions should be as specific as possible. The more detailed information the Commission has to go on, the better it can evaluate and, if appropriate, act on the information; (2) If, after submitting a tip to the SEC, a whistleblower discovers or otherwise possesses additional information, always update the SEC. Information that may seem insignificant at first glance, may be credible and actionable intelligence for law enforcement; and (3) Understand the award process. Whistleblowers should be familiar with the factors that both increase and decrease an award following a successful enforcement action that meets the program criteria.

Another important and related consideration that I would like to highlight for prospective whistleblowers is that patience is key. SEC investigations take time – often from two to four years. In fact, according to the SEC’s Annual Report for FY 2011, only 61% of SEC enforcement actions were filed within two years of opening an MUI, or matter under inquiry. Insofar as many cases built on whistleblower tips are more significant and complex than traditional cases, their investigations can be particularly time intensive. For more information on the nuts and bolts of the Whistleblower Program, we encourage you to see our SEC Whistleblower Program Handbook. We also provide a wealth of information on the operations and activities of the SEC Enforcement Division in our SEC Insider’s Guide.