Panel to Encourage Passage of Legislation Based on NASAA’s Model Whistleblower Award and Protection Act

WASHINGTON, D.C. – (July 25, 2022) – A group of state securities regulators representing the North American Securities Administrators Association (NASAA) will participate in a live, virtual conference hosted by the National Whistleblower Center on Thursday, July 28 at 3:30 p.m. ET to commemorate National Whistleblower Day.

Andrew Hartnett, NASAA’s President-Elect and the Deputy Administrator for Securities for the Iowa Insurance Division, will moderate a discussion of whistleblower laws including NASAA’s Model Whistleblower Award and Protection Act. The panel will focus on how these laws facilitate the reporting of potential violations of securities laws and efforts of state securities regulators to encourage passage of legislation based on the model act.

Other panelists will include John Cochran, Commissioner of the Indiana Securities Division, Emily Kisicki, Director of Policy for the Vermont Department of Financial Regulation, and Francswai Grayson, Director of Communication and Outreach for the Utah Division of Securities.

“Whistleblower complaints often serve as the basis for investigations into possible securities law violations,” said NASAA President Melanie Senter Lubin, who also serves as Maryland Securities Commissioner. “Our intent with the Model Whistleblower Award and Protection Act is to provide a safe environment for whistleblowers to come forward, which in turn provides securities regulators a greater opportunity to stop the alleged misconduct and prevent harm to Main Street investors.”

NASAA’s model act, where adopted, provides a  state’s securities regulator with the authority to make monetary awards to whistleblowers of up to 30 percent of the amount of monetary sanctions collected in a related administrative or judicial action. The model act also protects whistleblower confidentiality, prohibits an employer from retaliating against an employee for engaging in whistleblowing and related activities, and creates a cause of action under which an employee can sue its employer for retaliation.

“NASAA’s mission is to protect investors from investment fraud and abuse,” said Hartnett. “The NASAA panel will reinforce the importance of whistleblowers’ efforts to alert authorities to potential wrongdoing and highlight the potential benefits of the model act.”

On March 25, 2021, Montana became the first state to enact legislation based on NASAA’s model act.

To register for the free event, visit the National Whistleblower Center event website.

NASAA –

About NASAA:

Organized in 1919, the North American Securities Administrators Association (NASAA) is the oldest international organization devoted to investor protection. Its membership includes the securities regulators in the 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands; the 13 provinces and territories of Canada; and the securities regulator in Mexico with a shared mission of protecting investors from fraud and abuse. For more information, visit www.nasaa.org.

 

For More Information:
Jeanne Hamrick | Director of Communications
202-737-0900

Karen Grajales | Communications & Investor Outreach Manager
202-737-0900