While the appeals court panel did not indicate how it will rule on the case, Tatel said the SEC regulations are ambiguous because they don’t say whether the three whistleblowing scenarios it lays out are the only ones that will lead to awards.
The judge asked SEC attorney Brooke Wagner to take “a message” from him back to the securities regulator.
“They need to get their act together on these kinds of things,” Tatel said. “They need to have clarity in their regulations or otherwise you are going to have cases like this all the time.”
‘Enforcement 40’ for 2020
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