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Abstract

This Note addresses a circuit court split arising from a portion of the anti-retaliation provisions in the Dodd–Frank Wall Street Reform and Consumer Protection Act. Subsection 21F’s retaliation prohibitions apply to those employers whose employees make required or protected disclosures under the Sarbanes–Oxley Act of 2002 (SOX) or any other rule or regulation under the SEC’s jurisdiction. SOX provides anti -retaliation protections — similar to those available under Dodd–Frank — for employees of publicly traded companies who report misconduct. However, SOX expressly affords protections to those who provide information to “a Federal regulatory or law enforcement agency; any Member of Congress or any committee of Congress; or a person with supervisory authority over the employee (or such other person working for the employer who has the authority to investigate, discover, or terminate misconduct).” Thus, while Dodd–Frank’s protections, by the Act’s express terms, only apply to those who report to the SEC, SOX grants protections to those who report to a much broader array of persons and organizations. Some believe that subsection 21F’s reference to SOX indicates that the definition of “whistleblower” under Dodd –Frank is much broader and more inclusive than its express definition would otherwise suggest.

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