§78d. Securities and Exchange Commission
(a) Establishment; composition; limitations on commissioners; terms of office
There is hereby established a Securities and Exchange Commission (hereinafter referred to as the “Commission”) to be composed of five commissioners to be appointed by the President by and with the advice and consent of the Senate. Not more than three of such commissioners shall be members of the same political party, and in making appointments members of different political parties shall be appointed alternately as nearly as may be practicable. No commissioner shall engage in any other business, vocation, or employment than that of serving as commissioner, nor shall any commissioner participate, directly or indirectly, in any stock-market operations or transactions of a character subject to regulation by the Commission pursuant to this chapter. Each commissioner shall hold office for a term of five years and until his successor is appointed and has qualified, except that he shall not so continue to serve beyond the expiration of the next session of Congress subsequent to the expiration of said fixed term of office, and except (1) any commissioner appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed for the remainder of such term, and (2) the terms of office of the commissioners first taking office after June 6, 1934, shall expire as designated by the President at the time of nomination, one at the end of one year, one at the end of two years, one at the end of three years, one at the end of four years, and one at the end of five years, after June 6, 1934.
(b) Appointment and compensation of staff and leasing authority
(1) Appointment and compensation
The Commission shall appoint and compensate officers, attorneys, economists, examiners, and other employees in accordance with section 4802 of title 5.
(2) Reporting of information
In establishing and adjusting schedules of compensation and benefits for officers, attorneys, economists, examiners, and other employees of the Commission under applicable provisions of law, the Commission shall inform the heads of the agencies referred to under section 1833b of title 12 and Congress of such compensation and benefits and shall seek to maintain comparability with such agencies regarding compensation and benefits.
(3) Leasing authority
Nothwithstanding 1 any other provision of law, the Commission is authorized to enter directly into leases for real property for office, meeting, storage, and such other space as is necessary to carry out its functions, and shall be exempt from any General Services Administration space management regulations or directives.
(c) Acceptance of travel support for Commission activities from non-Federal sources; regulations
Notwithstanding any other provision of law, in accordance with regulations which the Commission shall prescribe to prevent conflicts of interest, the Commission may accept payment and reimbursement, in cash or in kind, from non-Federal agencies, organizations, and individuals for travel, subsistence, and other necessary expenses incurred by Commission members and employees in attending meetings and conferences concerning the functions or activities of the Commission. Any payment or reimbursement accepted shall be credited to the appropriated funds of the Commission. The amount of travel, subsistence, and other necessary expenses for members and employees paid or reimbursed under this subsection may exceed per diem amounts established in official travel regulations, but the Commission may include in its regulations under this subsection a limitation on such amounts.
(d) Acceptance of relocation expenses from former employers by professional fellows program participants
Notwithstanding any other provision of law, former employers of participants in the Commission’s professional fellows programs may pay such participants their actual expenses for relocation to Washington, District of Columbia, to facilitate their participation in such programs, and program participants may accept such payments.
(e) Fee payments
Notwithstanding any other provision of law, whenever any fee is required to be paid to the Commission pursuant to any provision of the securities laws or any other law, the Commission may provide by rule that such fee shall be paid in a manner other than in cash and the Commission may also specify the time that such fee shall be determined and paid relative to the filing of any statement or document with the Commission.
(f) Reimbursement of expenses for assisting foreign securities authorities
Notwithstanding any other provision of law, the Commission may accept payment and reimbursement, in cash or in kind, from a foreign securities authority, or made on behalf of such authority, for necessary expenses incurred by the Commission, its members, and employees in carrying out any investigation pursuant to section 78u(a)(2) of this title or in providing any other assistance to a foreign securities authority. Any payment or reimbursement accepted shall be considered a reimbursement to the appropriated funds of the Commission.
(g) Office of the Investor Advocate
(1) Office established
There is established within the Commission the Office of the Investor Advocate (in this subsection referred to as the “Office”).
(2) Investor Advocate
(A) In general
The head of the Office shall be the Investor Advocate, who shall-
(i) report directly to the Chairman; and
(ii) be appointed by the Chairman, in consultation with the Commission, from among individuals having experience in advocating for the interests of investors in securities and investor protection issues, from the perspective of investors.
(B) Compensation
The annual rate of pay for the Investor Advocate shall be equal to the highest rate of annual pay for other senior executives who report to the Chairman of the Commission.
(C) Limitation on service
An individual who serves as the Investor Advocate may not be employed by the Commission-
(i) during the 2-year period ending on the date of appointment as Investor Advocate; or
(ii) during the 5-year period beginning on the date on which the person ceases to serve as the Investor Advocate.
(3) Staff of Office
The Investor Advocate, after consultation with the Chairman of the Commission, may retain or employ independent counsel, research staff, and service staff, as the Investor Advocate deems necessary to carry out the functions, powers, and duties of the Office.
(4) Functions of the Investor Advocate
The Investor Advocate shall-
(A) assist retail investors in resolving significant problems such investors may have with the Commission or with self-regulatory organizations;
(B) identify areas in which investors would benefit from changes in the regulations of the Commission or the rules of self-regulatory organizations;
(C) identify problems that investors have with financial service providers and investment products;
(D) analyze the potential impact on investors of-
(i) proposed regulations of the Commission; and
(ii) proposed rules of self-regulatory organizations registered under this chapter; and
(E) to the extent practicable, propose to the Commission changes in the regulations or orders of the Commission and to Congress any legislative, administrative, or personnel changes that may be appropriate to mitigate problems identified under this paragraph and to promote the interests of investors.
(5) Access to documents
The Commission shall ensure that the Investor Advocate has full access to the documents of the Commission and any self-regulatory organization, as necessary to carry out the functions of the Office.
(6) Annual reports
(A) Report on objectives
(i) In general
Not later than June 30 of each year after 2010, the Investor Advocate shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the objectives of the Investor Advocate for the following fiscal year.
(ii) Contents
Each report required under clause (i) shall contain full and substantive analysis and explanation.
(B) Report on activities
(i) In general
Not later than December 31 of each year after 2010, the Investor Advocate shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the activities of the Investor Advocate during the immediately preceding fiscal year.
(ii) Contents
Each report required under clause (i) shall include-
(I) appropriate statistical information and full and substantive analysis;
(II) information on steps that the Investor Advocate has taken during the reporting period to improve investor services and the responsiveness of the Commission and self-regulatory organizations to investor concerns;
(III) a summary of the most serious problems encountered by investors during the reporting period;
(IV) an inventory of the items described in subclause (III) that includes-
(aa) identification of any action taken by the Commission or the self-regulatory organization and the result of such action;
(bb) the length of time that each item has remained on such inventory; and
(cc) for items on which no action has been taken, the reasons for inaction, and an identification of any official who is responsible for such action;
(V) recommendations for such administrative and legislative actions as may be appropriate to resolve problems encountered by investors; and
(VI) any other information, as determined appropriate by the Investor Advocate.
(iii) Independence
Each report required under this paragraph shall be provided directly to the Committees listed in clause (i) without any prior review or comment from the Commission, any commissioner, any other officer or employee of the Commission, or the Office of Management and Budget.
(iv) Confidentiality
No report required under clause (i) may contain confidential information.
(7) Regulations
The Commission shall, by regulation, establish procedures requiring a formal response to all recommendations submitted to the Commission by the Investor Advocate, not later than 3 months after the date of such submission.
(8) Ombudsman
(A) Appointment
Not later than 180 days after the date on which the first Investor Advocate is appointed under paragraph (2)(A)(i),2 the Investor Advocate shall appoint an Ombudsman, who shall report directly to the Investor Advocate.
(B) Duties
The Ombudsman appointed under subparagraph (A) shall-
(i) act as a liaison between the Commission and any retail investor in resolving problems that retail investors may have with the Commission or with self-regulatory organizations;
(ii) review and make recommendations regarding policies and procedures to encourage persons to present questions to the Investor Advocate regarding compliance with the securities laws; and
(iii) establish safeguards to maintain the confidentiality of communications between the persons described in clause (ii) and the Ombudsman.
(C) Limitation
In carrying out the duties of the Ombudsman under subparagraph (B), the Ombudsman shall utilize personnel of the Commission to the extent practicable. Nothing in this paragraph shall be construed as replacing, altering, or diminishing the activities of any ombudsman or similar office of any other agency.
(D) Report
The Ombudsman shall submit a semiannual report to the Investor Advocate that describes the activities and evaluates the effectiveness of the Ombudsman during the preceding year. The Investor Advocate shall include the reports required under this section in the reports required to be submitted by the Inspector Advocate under paragraph (6).
(h) Examiners
(1) Division of Trading and Markets
The Division of Trading and Markets of the Commission, or any successor organizational unit, shall have a staff of examiners who shall-
(A) perform compliance inspections and examinations of entities under the jurisdiction of that Division; and
(B) report to the Director of that Division.
(2) Division of Investment Management
The Division of Investment Management of the Commission, or any successor organizational unit, shall have a staff of examiners who shall-
(A) perform compliance inspections and examinations of entities under the jurisdiction of that Division; and
(B) report to the Director of that Division.
(i) Office of the Advocate for Small Business Capital Formation
(1) Office established
There is established within the Commission the Office of the Advocate for Small Business Capital Formation (hereafter in this subsection referred to as the “Office”).
(2) Advocate for Small Business Capital Formation
(A) In general
The head of the Office shall be the Advocate for Small Business Capital Formation, who shall-
(i) report directly to the Commission; and
(ii) be appointed by the Commission, from among individuals having experience in advocating for the interests of small businesses and encouraging small business capital formation.
(B) Compensation
The annual rate of pay for the Advocate for Small Business Capital Formation shall be equal to the highest rate of annual pay for other senior executives who report directly to the Commission.
(C) No current employee of the Commission
An individual may not be appointed as the Advocate for Small Business Capital Formation if the individual is currently employed by the Commission.
(3) Staff of Office
The Advocate for Small Business Capital Formation, after consultation with the Commission, may retain or employ independent counsel, research staff, and service staff, as the Advocate for Small Business Capital Formation determines to be necessary to carry out the functions of the Office.
(4) Functions of the Advocate for Small Business Capital Formation
The Advocate for Small Business Capital Formation shall-
(A) assist small businesses and small business investors in resolving significant problems such businesses and investors may have with the Commission or with self-regulatory organizations;
(B) identify areas in which small businesses and small business investors would benefit from changes in the regulations of the Commission or the rules of self-regulatory organizations;
(C) identify problems that small businesses have with securing access to capital, including any unique challenges to minority-owned small businesses, women-owned small businesses, and small businesses affected by hurricanes or other natural disasters;
(D) analyze the potential impact on small businesses and small business investors of-
(i) proposed regulations of the Commission that are likely to have a significant economic impact on small businesses and small business capital formation; and
(ii) proposed rules that are likely to have a significant economic impact on small businesses and small business capital formation of self-regulatory organizations registered under this chapter;
(E) conduct outreach to small businesses and small business investors, including through regional roundtables, in order to solicit views on relevant capital formation issues;
(F) to the extent practicable, propose to the Commission changes in the regulations or orders of the Commission and to Congress any legislative, administrative, or personnel changes that may be appropriate to mitigate problems identified under this paragraph and to promote the interests of small businesses and small business investors;
(G) consult with the Investor Advocate on proposed recommendations made under subparagraph (F); and
(H) advise the Investor Advocate on issues related to small businesses and small business investors.
(5) Access to documents
The Commission shall ensure that the Advocate for Small Business Capital Formation has full access to the documents and information of the Commission and any self-regulatory organization, as necessary to carry out the functions of the Office.
(6) Annual report on activities
(A) In general
Not later than December 31 of each year after 2015, the Advocate for Small Business Capital Formation shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the activities of the Advocate for Small Business Capital Formation during the immediately preceding fiscal year.
(B) Contents
Each report required under subparagraph (A) shall include-
(i) appropriate statistical information and full and substantive analysis;
(ii) information on steps that the Advocate for Small Business Capital Formation has taken during the reporting period to improve small business services and the responsiveness of the Commission and self-regulatory organizations to small business and small business investor concerns;
(iii) a summary of the most serious issues encountered by small businesses and small business investors, including any unique issues encountered by minority-owned small businesses, women-owned small businesses, and small businesses affected by hurricanes or other natural disasters and their investors, during the reporting period;
(iv) an inventory of the items summarized under clause (iii) (including items summarized under such clause for any prior reporting period on which no action has been taken or that have not been resolved to the satisfaction of the Advocate for Small Business Capital Formation as of the beginning of the reporting period covered by the report) that includes-
(I) identification of any action taken by the Commission or the self-regulatory organization and the result of such action;
(II) the length of time that each item has remained on such inventory; and
(III) for items on which no action has been taken, the reasons for inaction, and an identification of any official who is responsible for such action;
(v) recommendations for such changes to the regulations, guidance and orders of the Commission and such legislative actions as may be appropriate to resolve problems with the Commission and self-regulatory organizations encountered by small businesses and small business investors and to encourage small business capital formation; and
(vi) any other information, as determined appropriate by the Advocate for Small Business Capital Formation.
(C) Confidentiality
No report required by subparagraph (A) may contain confidential information.
(D) Independence
Each report required under subparagraph (A) shall be provided directly to the committees of Congress listed in such subparagraph without any prior review or comment from the Commission, any commissioner, any other officer or employee of the Commission, or the Office of Management and Budget.
(7) Regulations
The Commission shall establish procedures requiring a formal response to all recommendations submitted to the Commission by the Advocate for Small Business Capital Formation, not later than 3 months after the date of such submission.
(8) Government-Business Forum on Small Business Capital Formation
The Advocate for Small Business Capital Formation shall be responsible for planning, organizing, and executing the annual Government-Business Forum on Small Business Capital Formation described in section 80c–1 of this title.
(9) Rule of construction
Nothing in this subsection may be construed as replacing or reducing the responsibilities of the Investor Advocate with respect to small business investors.
(j) Open data publication
All public data assets published by the Commission under the securities laws and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203; 124 Stat. 1376) shall be-
(1) made available as an open Government data asset (as defined in section 3502 of title 44);
(2) freely available for download;
(3) rendered in a human-readable format; and
(4) accessible via application programming interface where appropriate.
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§78u–6. Securities whistleblower incentives and protection
(a) Definitions
In this section the following definitions shall apply:
(1) Covered judicial or administrative action
The term “covered judicial or administrative action” means any judicial or administrative action brought by the Commission under the securities laws that results in monetary sanctions exceeding $1,000,000.
(2) Fund
The term “Fund” means the Securities and Exchange Commission Investor Protection Fund.
(3) Original information
The term “original information” means information that-
(A) is derived from the independent knowledge or analysis of a whistleblower;
(B) is not known to the Commission from any other source, unless the whistleblower is the original source of the information; and
(C) is not exclusively derived from an allegation made in a judicial or administrative hearing, in a governmental report, hearing, audit, or investigation, or from the news media, unless the whistleblower is a source of the information.
(4) Monetary sanctions
The term “monetary sanctions”, when used with respect to any judicial or administrative action, means-
(A) any monies, including penalties, disgorgement, and interest, ordered to be paid; and
(B) any monies deposited into a disgorgement fund or other fund pursuant to section 308(b) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7246(b)), as a result of such action or any settlement of such action.
(5) Related action
The term “related action”, when used with respect to any judicial or administrative action brought by the Commission under the securities laws, means any judicial or administrative action brought by an entity described in subclauses (I) through (IV) of subsection (h)(2)(D)(i) that is based upon the original information provided by a whistleblower pursuant to subsection (a) that led to the successful enforcement of the Commission action.
(6) Whistleblower
The term “whistleblower” means any individual who provides, or 2 or more individuals acting jointly who provide, information relating to a violation of the securities laws to the Commission, in a manner established, by rule or regulation, by the Commission.
(b) Awards
(1) In general
In any covered judicial or administrative action, or related action, the Commission, under regulations prescribed by the Commission and subject to subsection (c), shall pay an award or awards to 1 or more whistleblowers who voluntarily provided original information to the Commission that led to the successful enforcement of the covered judicial or administrative action, or related action, in an aggregate amount equal to-
(A) not less than 10 percent, in total, of what has been collected of the monetary sanctions imposed in the action or related actions; and
(B) not more than 30 percent, in total, of what has been collected of the monetary sanctions imposed in the action or related actions.
(2) Payment of awards
Any amount paid under paragraph (1) shall be paid from the Fund.
(c) Determination of amount of award; denial of award
(1) Determination of amount of award
(A) Discretion
The determination of the amount of an award made under subsection (b) shall be in the discretion of the Commission.
(B) Criteria
In determining the amount of an award made under subsection (b), the Commission-
(i) shall take into consideration-
(I) the significance of the information provided by the whistleblower to the success of the covered judicial or administrative action;
(II) the degree of assistance provided by the whistleblower and any legal representative of the whistleblower in a covered judicial or administrative action;
(III) the programmatic interest of the Commission in deterring violations of the securities laws by making awards to whistleblowers who provide information that lead to the successful enforcement of such laws; and
(IV) such additional relevant factors as the Commission may establish by rule or regulation; and
(ii) shall not take into consideration the balance of the Fund.
(2) Denial of award
No award under subsection (b) shall be made-
(A) to any whistleblower who is, or was at the time the whistleblower acquired the original information submitted to the Commission, a member, officer, or employee of-
(i) an appropriate regulatory agency;
(ii) the Department of Justice;
(iii) a self-regulatory organization;
(iv) the Public Company Accounting Oversight Board; or
(v) a law enforcement organization;
(B) to any whistleblower who is convicted of a criminal violation related to the judicial or administrative action for which the whistleblower otherwise could receive an award under this section;
(C) to any whistleblower who gains the information through the performance of an audit of financial statements required under the securities laws and for whom such submission would be contrary to the requirements of section 78j–1 of this title; or
(D) to any whistleblower who fails to submit information to the Commission in such form as the Commission may, by rule, require.
(d) Representation
(1) Permitted representation
Any whistleblower who makes a claim for an award under subsection (b) may be represented by counsel.
(2) Required representation
(A) In general
Any whistleblower who anonymously makes a claim for an award under subsection (b) shall be represented by counsel if the whistleblower anonymously submits the information upon which the claim is based.
(B) Disclosure of identity
Prior to the payment of an award, a whistleblower shall disclose the identity of the whistleblower and provide such other information as the Commission may require, directly or through counsel for the whistleblower.
(e) No contract necessary
No contract with the Commission is necessary for any whistleblower to receive an award under subsection (b), unless otherwise required by the Commission by rule or regulation.
(f) Appeals
Any determination made under this section, including whether, to whom, or in what amount to make awards, shall be in the discretion of the Commission. Any such determination, except the determination of the amount of an award if the award was made in accordance with subsection (b), may be appealed to the appropriate court of appeals of the United States not more than 30 days after the determination is issued by the Commission. The court shall review the determination made by the Commission in accordance with section 706 of title 5.
(g) Investor Protection Fund
(1) Fund established
There is established in the Treasury of the United States a fund to be known as the “Securities and Exchange Commission Investor Protection Fund”.
(a) Use of Fund 1
The Fund shall be available to the Commission, without further appropriation or fiscal year limitation, for paying awards to whistleblowers as provided in subsection (b).
[2]Funding reduction
(c) Transition provision.—During the period beginning on the date of enactment of this Act and ending on October 1, 2025, the Securities and Exchange Commission may expend amounts in the Securities and Exchange Commission Reserve Fund that were obligated before the date of enactment of this Act for any program, project, or activity that is ongoing (as of the day before the date of enactment of this Act) in accordance with subsection (i) of section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d), as in effect on the day before the date of enactment of this Act.
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(d) Transfer of remaining amounts.—Effective on October 1, 2025, the obligated and unobligated balances of amounts in the Securities and Exchange Commission Reserve Fund shall be transferred to the general fund of the Treasury.
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(e) Closing of account.—For the purposes of section 1555 of title 31, United States Code, the Securities and Exchange Commission Reserve Fund shall be considered closed, and thereafter shall not be available for obligation or expenditure for any purpose, upon execution of the transfer required under subsection (d).
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(3) Deposits and credits
(A) In general
There shall be deposited into or credited to the Fund an amount equal to-
(i) any monetary sanction collected by the Commission in any judicial or administrative action brought by the Commission under the securities laws that is not added to a disgorgement fund or other fund under section 308 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7246) or otherwise distributed to victims of a violation of the securities laws, or the rules and regulations thereunder, underlying such action, unless the balance of the Fund at the time the monetary sanction is collected exceeds $300,000,000;
(ii) any monetary sanction added to a disgorgement fund or other fund under section 308 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7246) that is not distributed to the victims for whom the Fund was established, unless the balance of the disgorgement fund at the time the determination is made not to distribute the monetary sanction to such victims exceeds $200,000,000; and
(iii) all income from investments made under paragraph (4).
(B) Additional amounts
If the amounts deposited into or credited to the Fund under subparagraph (A) are not sufficient to satisfy an award made under subsection (b), there shall be deposited into or credited to the Fund an amount equal to the unsatisfied portion of the award from any monetary sanction collected by the Commission in the covered judicial or administrative action on which the award is based.
(4) Investments
(A) Amounts in Fund may be invested
The Commission may request the Secretary of the Treasury to invest the portion of the Fund that is not, in the discretion of the Commission, required to meet the current needs of the Fund.
(B) Eligible investments
Investments shall be made by the Secretary of the Treasury in obligations of the United States or obligations that are guaranteed as to principal and interest by the United States, with maturities suitable to the needs of the Fund as determined by the Commission on the record.
(C) Interest and proceeds credited
The interest on, and the proceeds from the sale or redemption of, any obligations held in the Fund shall be credited to the Fund.
(5) Reports to Congress
Not later than October 30 of each fiscal year beginning after July 21, 2010, the Commission shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Committee on Financial Services of the House of Representatives a report on-
(A) the whistleblower award program, established under this section, including-
(i) a description of the number of awards granted; and
(ii) the types of cases in which awards were granted during the preceding fiscal year;
(B) the balance of the Fund at the beginning of the preceding fiscal year;
(C) the amounts deposited into or credited to the Fund during the preceding fiscal year;
(D) the amount of earnings on investments made under paragraph (4) during the preceding fiscal year;
(E) the amount paid from the Fund during the preceding fiscal year to whistleblowers pursuant to subsection (b);
(F) the balance of the Fund at the end of the preceding fiscal year; and
(G) a complete set of audited financial statements, including-
(i) a balance sheet;
(ii) income statement; and
(iii) cash flow analysis.
(h) Protection of whistleblowers
(1) Prohibition against retaliation
(A) In general
No employer may discharge, demote, suspend, threaten, harass, directly or indirectly, or in any other manner discriminate against, a whistleblower in the terms and conditions of employment because of any lawful act done by the whistleblower-
(i) in providing information to the Commission in accordance with this section;
(ii) in initiating, testifying in, or assisting in any investigation or judicial or administrative action of the Commission based upon or related to such information; or
(iii) in making disclosures that are required or protected under the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7201 et seq.), this chapter, including section 78j–1(m) of this title, section 1513(e) of title 18, and any other law, rule, or regulation subject to the jurisdiction of the Commission.
(B) Enforcement
(i) Cause of action
An individual who alleges discharge or other discrimination in violation of subparagraph (A) may bring an action under this subsection in the appropriate district court of the United States for the relief provided in subparagraph (C).
(ii) Subpoenas
A subpoena requiring the attendance of a witness at a trial or hearing conducted under this section may be served at any place in the United States.
(iii) Statute of limitations
(I) In general
An action under this subsection may not be brought-
(aa) more than 6 years after the date on which the violation of subparagraph (A) occurred; or
(bb) more than 3 years after the date when facts material to the right of action are known or reasonably should have been known by the employee alleging a violation of subparagraph (A).
(II) Required action within 10 years
Notwithstanding subclause (I), an action under this subsection may not in any circumstance be brought more than 10 years after the date on which the violation occurs.
(C) Relief
Relief for an individual prevailing in an action brought under subparagraph (B) shall include-
(i) reinstatement with the same seniority status that the individual would have had, but for the discrimination;
(ii) 2 times the amount of back pay otherwise owed to the individual, with interest; and
(iii) compensation for litigation costs, expert witness fees, and reasonable attorneys’ fees.
(2) Confidentiality
(A) In general
Except as provided in subparagraphs (B) and (C), the Commission and any officer or employee of the Commission shall not disclose any information, including information provided by a whistleblower to the Commission, which could reasonably be expected to reveal the identity of a whistleblower, except in accordance with the provisions of section 552a of title 5, unless and until required to be disclosed to a defendant or respondent in connection with a public proceeding instituted by the Commission or any entity described in subparagraph (C). For purposes of section 552 of title 5, this paragraph shall be considered a statute described in subsection (b)(3)(B) of such section.
(B) Exempted statute
For purposes of section 552 of title 5, this paragraph shall be considered a statute described in subsection (b)(3)(B) of such section 552.
(C) Rule of construction
Nothing in this section is intended to limit, or shall be construed to limit, the ability of the Attorney General to present such evidence to a grand jury or to share such evidence with potential witnesses or defendants in the course of an ongoing criminal investigation.
(D) Availability to government agencies
(i) In general
Without the loss of its status as confidential in the hands of the Commission, all information referred to in subparagraph (A) may, in the discretion of the Commission, when determined by the Commission to be necessary to accomplish the purposes of this chapter and to protect investors, be made available to-
(I) the Attorney General of the United States;
(II) an appropriate regulatory authority;
(III) a self-regulatory organization;
(IV) a State attorney general in connection with any criminal investigation;
(V) any appropriate State regulatory authority;
(VI) the Public Company Accounting Oversight Board;
(VII) a foreign securities authority; and
(VIII) a foreign law enforcement authority.
(ii) Confidentiality
(I) In general
Each of the entities described in subclauses (I) through (VI) of clause (i) shall maintain such information as confidential in accordance with the requirements established under subparagraph (A).
(II) Foreign authorities
Each of the entities described in subclauses (VII) and (VIII) of clause (i) shall maintain such information in accordance with such assurances of confidentiality as the Commission determines appropriate.
(3) Rights retained
Nothing in this section shall be deemed to diminish the rights, privileges, or remedies of any whistleblower under any Federal or State law, or under any collective bargaining agreement.
(i) Provision of false information
A whistleblower shall not be entitled to an award under this section if the whistleblower-
(1) knowingly and willfully makes any false, fictitious, or fraudulent statement or representation; or
(2) uses any false writing or document knowing the writing or document contains any false, fictitious, or fraudulent statement or entry.
(j) Rulemaking authority
The Commission shall have the authority to issue such rules and regulations as may be necessary or appropriate to implement the provisions of this section consistent with the purposes of this section.
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