SEC Whistleblower Program for International Whistleblowers: An FAQ

Under the SEC Whistleblower Program, whistleblowers may be eligible for a mandatory award of between 10% and 30% of the money collected if the information leads to an SEC enforcement action where at $1 million in sanctions is ordered.

The program also prohibits retaliation against any employee who comes forward with information about a securities violation. They are also prohibited from preventing any whistleblower from contacting the SEC directly.

Other features of the program include:

• International Reach: Whistleblowers do not need to be a U.S. citizen or a U.S. resident to be eligible for an award. In fact, the SEC actively encourages international tips because fraud is often global in nature.
• Anonymous filing: Whistleblowers can submit tips anonymously. However, to be eligible for an award, they must have an attorney who submits a tip on their behalf to the SEC’s online TCR portal or by hard-copy, among other requirements.
• Confidentiality: The SEC maintains strict confidentiality, including protecting a whistleblower’s identity from FOIA requests. In some court proceedings or in cases shared among other regulators, a whistleblower’s identity may be revealed.
• Related Actions: Individuals who meet the $1 million sanctions threshold may also be eligible to receive an award if the same information led to a related action brought by certain authorities, such as a parallel criminal prosecution.
• Strong Legal Protections: Whistleblowers may report their concerns to the SEC who may, in appropriate circumstances, bring an enforcement action against an employer engaged in retaliation, such as discharging, demoting, suspending, harassing, or other forms of discrimination

Who Qualifies as a SEC Whistleblower?

A “whistleblower” is someone who provides a government agency (such as the SEC) with original information regarding a potential violation of federal securities laws that (a) occurred (b) is ongoing, or (c) is about to occur.

This U.S. program is open to everyone, including whistleblowers residing outside of the United States who have strong evidence. A whistleblower does not need to be an employee to submit information.

Whistleblower Standing Requirements

Eligibility for the SEC Whistleblower Program focuses on the status of the applicant and the information they possess. The applicant must be an individual (not a corporate entity) who voluntarily reports information before the SEC initiates contact.

This information must be “original,” meaning that it stems from the applicant’s own observations or unique analysis and cannot generally rely on attorney-client privileged material.

Individuals who are normally deemed ineligible, such as those professionally responsible for preventing fraud (e.g., auditors, compliance officers, and directors), can be eligible under narrow circumstances, such as after a 120-day waiting period following internal reporting.

Foreign officials, regulatory employees, and individuals criminally convicted for reporting misconduct are ineligible from the program.

What type of violations does the program cover?

The SEC investigates possible violations of federal securities laws. They are looking for specific, credible, and timely tips that warrant a follow-up, and potentially, an investigation. 

In other words, they are looking for any tips that identify individuals or fraudulent transactions within the scope of the federal securities laws.

Here are a few examples:

• Bribery to foreign officials
• Ponzi schemes
• Stock price manipulation, or volume manipulation
• Fraudulent securities offering
• Abusive naked short selling
• Misappropriation of funds (or securities)
• Insider trading
• False and/or misleading statements
• Initial Coin Offerings / cryptocurrency fraud

If you’re a whistleblower, it’s advised to speak with an international SEC whistleblower attorney for a free case evaluation to check the merits of your case.

The SEC Whistleblowing Process: for International Whistleblowers

Whether you are located in London, Hong Kong, São Paulo, or anywhere else in the world, the process of participating in the SEC Whistleblower Program is the same. In the following section, we will walk through each step of the whistleblowing process—from submitting your tip to applying for an award.

How do I submit information under the SEC’s whistleblower program?

To submit a tip, you must complete and file a Form TCR (Tip, Complaint, or Referral) with the SEC’s Office of the Whistleblower. This can be done online through the SEC’s electronic TCR portal or by mailing or faxing a hard-copy version of the form. The online portal is accessible internationally, making it a convenient option for international whistleblowers.

In your TCR submission, you will describe the nature of the securities violation, identify the individuals or entities involved, explain how you became aware of the information, and provide any supporting documentation. You do not need to be in the United States or hold a U.S. citizenship to file. However, all submissions must be made in English, and the form must be signed under penalty of perjury.

It is strongly recommended that international whistleblowers retain a U.S.-based SEC whistleblower attorney before submitting a tip. An experienced attorney can help ensure that the TCR is properly prepared, that your information is presented in the most effective manner, and that your rights are fully protected throughout the process.

Can I submit a tip anonymously?

Yes. As noted above, you may submit your tip anonymously. However, if you choose to do so and wish to remain eligible for a financial award, you must be represented by an attorney who submits the TCR on your behalf. Your identity will be known only to your attorney and will not be disclosed to the SEC until you apply for an award. This is a particularly important protection for international whistleblowers who may face retaliation risks in jurisdictions with weaker whistleblower protections than the United States.

What does it mean to “voluntarily” provide information, and how does this relate to eligibility?

As discussed in the eligibility requirements above, one of the key conditions for a whistleblower award is that your information must be provided voluntarily. Under SEC rules, information is considered “voluntary” if it is submitted before the SEC, any other government authority, or if a self-regulatory organization (such as FINRA) requests it from you or your representative. In practical terms, this means that if you are already the subject of an investigation or have been compelled to produce documents or testimony, information you provide in response to those demands will generally not qualify as “voluntary.”

For international whistleblowers, this is an important reason to act promptly. If you become aware of a securities violation and wait too long, there is a risk that regulators—either in the United States or in your home country—may initiate inquiries that could affect the “voluntary” nature of your submission. Speaking with an attorney early can help you preserve this critical element of your claim.

What happens to my tip once it is received by the SEC?

Once the SEC receives your TCR, it is reviewed by staff in the Office of the Whistleblower and may be forwarded to the relevant division or office for further evaluation. The SEC receives thousands of tips each year, so not every tip leads to a formal investigation. However, if the SEC determines that your information is specific, credible, and timely, it may open an investigation or incorporate your information into an existing one.

It is important to understand that the SEC does not typically provide updates on the status of its investigations, and the process can take several years. International whistleblowers should be prepared for a potentially lengthy timeline. Your attorney can monitor public enforcement actions and help you stay informed about relevant developments.

How might my information “lead to” a successful enforcement action?

To be eligible for an award, your information must “lead to” a successful enforcement action resulting in monetary sanctions exceeding $1 million. The SEC interprets this broadly. Your information may “lead to” a successful enforcement action if it causes SEC staff to open a new investigation, if it significantly contributes to an existing investigation, or if it is used to successfully resolve an ongoing enforcement matter.

For international whistleblowers, this is encouraging. Even if the SEC is already looking into a company or scheme, your unique knowledge—such as details about overseas operations, foreign bank accounts, or cross-border transactions—may provide the critical evidence the SEC needs to bring or strengthen an enforcement action.

The SEC has publicly acknowledged that international tips are often instrumental in uncovering the global dimensions of securities fraud. This is particularly true for violations involving bribery of foreign officials, which may implicate the Foreign Corrupt Practices Act (FCPA)—one of the SEC’s highest enforcement priorities.

A Note on Internal Compliance Reporting

Whistleblowers are not required to report internally to their employer before filing a tip with the SEC. However, the SEC’s rules do provide incentives for those who do. If you first report the violation through your company’s internal compliance or reporting channels, and your company then provides information to the SEC or conducts an internal investigation that leads to a successful enforcement action, your original internal report date may be treated as your submission date. This can be an important advantage in establishing priority.

Additionally, internal reporting is considered a positive factor when the SEC determines the percentage of your award. That said, international whistleblowers should weigh this potential benefit against any risks of retaliation in their home country. In many jurisdictions, internal reporting may expose you before you have the legal protections that come with a formal SEC filing. Consulting with a qualified attorney before deciding whether to report internally is strongly recommended.

How will I hear about the opportunity to apply for an award?

When the SEC issues a final judgment or order in an enforcement action that results in monetary sanctions exceeding $1 million, it publishes a “Notice of Covered Action” on the SEC’s website. These notices are posted on a rolling basis and are publicly accessible from anywhere in the world. Each notice includes a deadline—typically 90 days from the date of the notice—by which you must submit a whistleblower award application.

For international whistleblowers, it is critical to monitor these notices or to retain an attorney who will do so on your behalf. Missing the 90-day deadline means forfeiting your right to claim an award for that particular action, regardless of how significant your contribution may have been.

How do I apply for an award?

To apply for an award, you must submit a completed Form WB-APP (Application for Award for Original Information) to the SEC’s Office of the Whistleblower within 90 days of the relevant Notice of Covered Action. The form can be submitted online through the SEC’s electronic portal or by mailing a hard copy.

In the application, you will describe the information you provided to the SEC, explain how it contributed to the enforcement action, and provide any additional supporting materials. If you originally filed anonymously, you must reveal your identity at this stage. The SEC’s Claims Review Staff will then evaluate your application and make a preliminary determination on whether you are entitled to an award and, if so, the proposed award amount.

What factors does the SEC consider in determining the amount of the award?

The SEC has discretion to award between 10% and 30% of the monetary sanctions collected. In deciding where within that range your award should fall, the SEC considers several factors.

Factors that may increase your award include: the significance of the information you provided, the degree of assistance you offered during the investigation, the SEC’s programmatic interest in deterring violations (for example, a priority enforcement area), and whether you first reported the conduct through internal compliance channels.

Factors that may decrease your award include: your culpability or involvement in the violation, unreasonable delays in reporting, and interference with internal compliance systems.

For international whistleblowers, it is worth noting that the SEC places significant value on information that reveals the overseas dimensions of fraud schemes. Tips that help the SEC trace funds through foreign accounts, identify foreign co-conspirators, or understand complex cross-border structures can be especially impactful—and may be reflected in a higher award percentage.

Can I appeal the SEC’s award decision?

Yes. If the SEC issues a preliminary determination denying your award or proposing an amount you believe is too low, you have 30 days to submit a written response contesting the determination. The SEC will then consider your response before issuing a final order.

If you disagree with the SEC’s final order, you may appeal to a U.S. federal appellate court within 30 days of the final order. The court will review whether the SEC’s decision was supported by substantial evidence and whether the SEC properly applied the law. International whistleblowers are entitled to the same appeal rights as U.S.-based claimants. Your attorney can file and manage the appeal on your behalf from anywhere in the world.