Welcome to SEC Roundup, a bimonthly video sequence by Paul Hastings companions and former Securities and Change Fee senior trial counsels Nick Morgan and Tom Zaccaro exploring present SEC subjects with thought leaders and trade consultants.
On this episode, Morgan and Zaccaro speak with Alex Platt, professor on the College of Kansas Faculty of Legislation, who discusses his latest paper on the flaws within the SEC’s Whistleblower Program. Till his paper, Platt says, ”the tip-sifting course of has been completely shrouded in secrecy.”
The SEC, Platt discovered, outsources the job of sifting via the flood of whistleblower suggestions it receives annually — about 12,000 — to a “very concentrated group of well-connected attorneys and regulation companies,” which “raises the prospect that this [SEC whistleblower] program will not be fully working within the public curiosity.”
These personal whistleblower legal professionals, Platt states in his paper, “function free from just about all public accountability, transparency, or regulation.”
See the video above for the dialogue with Platt.