Panelists to commend whistleblowers’ courage that inspires others to come forward.
WASHINGTON, D.C. (July 29, 2021) — The North American Securities Administrators Association (NASAA) will participate in the National Whistleblower Center’s celebration commemorating the valuable contributions of whistleblowers to the securities industry. On Friday, July 30 at 10:00 a.m. ET, Faith Anderson, Chief of Registration & Regulatory Affairs with the Washington Securities Division will moderate a panel to discuss the NASAA Model Whistleblower Award and Protection Act and existing state-level, securities whistleblower programs. Lynne Egan, Montana Deputy Securities Commissioner, and Jason Sterzer, Director of the Utah Division of Securities, will serve as panelists.
“NASAA members recognize the value of whistleblower complaints,” said Lisa A. Hopkins, NASAA President and Senior Deputy Commissioner of Securities and General Counsel with the West Virginia State Auditor’s Office. “Our intent with the Model Whistleblower Act has been to provide a safe environment for individuals to come forward to report potential conduct to state securities regulators. We hope the comments from our panel of experts inspires the public to learn more about NASAA, our model legislation, and the important work happening at the state level to encourage and protect whistleblowers.”
Adopted on August 31, 2020, the NASAA Model Whistleblower Award and Protection Act provides a state’s securities regulator with the authority to make monetary awards to whistleblowers based on the amount of monetary sanctions collected in any related administrative or judicial action, up to 30 percent of the amount recovered. The model act also protects whistleblower confidentiality, prohibits retaliation by an employer against a whistleblower, creates a cause of action, and provides relief for whistleblowers retaliated against by their employer.
NASAA’s Board-level State Legislation Committee, led by Egan, and its Whistleblower Protections/Awards Working Group, led by Anderson, developed the model act. The model act was informed by the federal whistleblower program, administered by the SEC, and by state-level, securities whistleblower programs that have existed in Utah and Indiana since 2011 and 2012, respectively.
On March 25, 2021, Montana became the first state to enact legislation based on the NASAA Whistleblower model act. The new law in Montana applies to original information provided by a whistleblower on or after October 1, 2021.
To register for the free NASAA panel, visit the National Whistleblower Center event website.
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For More Information:
Jeanne Hamrick | Director of Communications
Karen Grajales | Communications & Outreach Manager