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What Factors Contribute to the SEC’s Decision?

Factors that Contribute to an Award

An SEC whistleblower award can range between 10-30% of the monetary sanctions collected in a qualifying enforcement action. Where the award falls is up to the agency’s discretion. Certain criteria may increase an award, such as the significance of the information provided by the whistleblower, the assistance provided by the whistleblower, the law enforcement interest in making an award and the participation of the whistleblower in internal reporting systems.

Both positive and negative factors are used to determine the award. Below are the factors, and how they appear to relate to the published awards.

In the 111 of 116 cases where information was disclosed...
Positive Factors
Signifigance of the Information Provided
94%
Assistance Provided
76%
Law Enforcement Interest
37%
Participation in Internal Compliance Systems
30%
Negative Factors
Culpability
1%
Unreasonable Reporting Delay
12%
Interference with Internal Compliance and Reporting Systems
1%
Factors that Contribute to an Award Denial
Breakdown of justifications cited in 199 denial orders
Ineligible Applicant
1%
Not Original Information
18%
Information Not Voluntarily Provided
3%
Information did not lead to a successful enforcement action
71%
Form and Manner of Submission/Application Did Not Comply With Program Rules
29%
Failed to Report a Securities Violation
5%
Applicant Knowingly Made False, Fictitious, or Fraudulent Statements or Representations
1%
None Disclosed
9%
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