美国证券法举报人激励和保护机制介绍（上） - 浩信评论 - 新闻资讯

美国时间2019年3月26日，美国证券交易委员会（Securities and Exchange Commission, SEC）宣布对两位向SEC提供重要信息的举报人（Whistleblower）给予5000万美元的奖励。其中一位举报人获得3700万美元，另一位获得1300万美元。这并非是SEC第一次对举报者给予如此高额的奖励。至今，SEC对61位举报人给予了约3亿7600万美元的奖励。重赏之下必有勇夫，仅仅2018年一年SEC就收到了约5200条举报人信息。

SEC对举报人的奖励源于美国证券法中的证券举报人激励和保护机制（Securities Whistleblower Incentives and Protection）。美国次贷危机后，2010年奥巴马总统签署了《多德-弗兰克华尔街改革和消费者保护法案》（Dodd-Frank Wall Street Reform and Consumer Protection Act），法案对美国证券法进行了修改，建立证券举报人激励和保护机制。该机制的主要目的是鼓励举报人为SEC提供具体、及时和可信赖的举报信息，帮助制止和惩罚违反美国证券法的行为。

1 证券举报人激励和保护机制简介

美国证券法的证券举报人激励和保护机制共10款，包括定义条款（Definition）、奖励金条款（Awards）、确定奖励金数额和拒绝给予奖励金条款(Determination of Amount of Award ;Denial of Award)、代理条款(Representation)、无合同需求条款(No Contract Necessary)、上诉条款（Appeals）、投资者保护基金条款(Investor Protection Fund)、举报人保护条款(Protection of Whistleblowers)、虚假信息条款(Provision of False Information)和规则制定权条款(Remaking Authority)。下文就该机制的主要条款进行介绍。

Definition定义条款和Awards奖励金条款

(1)In general

In any covered judicial or administrative action, or related action, the Commission, under regulations prescribed by the Commission and subject to subsection (c), shall pay an award or awards to 1 or more whistleblowers who voluntarily provided original information to the Commission that led to the successful enforcement of the covered judicial or administrative action, or related action, in an aggregate amount equal to (A) not less than 10 percent, in total, of what has been collected of the monetary sanctions imposed in the action or related actions; and (B) not more than 30 percent, in total, of what has been collected of the monetary sanctions imposed in the action or related actions.”

(2)Payment of awards

Any amount paid under paragraph (1) shall be paid from the Fund.

奖励金条款规定在任何涉及司法或行政诉讼，或与之相关的诉讼中，SEC应该奖励给自愿提供原始信息（Original Information）并帮助诉讼成功执行的举报人奖励金，该奖励金额不低于诉讼已收回的金钱制裁总额的10%，同时不能超过诉讼已收回的金钱制裁总额的30%。根据定义条款的解释，其中“任何所涉及的司法或行政诉讼”是指由SEC根据美国证券法起诉的，案件导致金钱制裁超过100万美元的诉讼。“与之相关的诉讼”是指除SEC外的其他机构，例如美国司法部、适当的监管机构、自律组织、州司法部，根据举报人提供的原始信息提起的司法或行政诉讼。“举报人”是指一个人或者多个人共同向SEC提供违反美国证券法信息的人。举报人可以是美国证券法违法者的前任或者现任员工，也可以是其他外部人员，或者与违法主体有个人关系的人。举报人也不受国籍限制。可以看出，举报人的范围很宽泛。但从SEC公布的2018年举报人项目度报告得出，获得奖励的举报人多为违法者的前任或现任员工。“原始信息”是指来自于举报人个人所知的消息或者分析，并且该消息在举报人披露之前不为SEC所知，也非来源于案件听证会、政府报道、新闻媒体等渠道。给予举报人的奖励金出自SEC建立的投资者保护基金。

Determination of Amount of Award ;Denial of Award 确定奖励金数额和拒绝给予奖励金条款

In determining the amount of an award made under subsection (b), the Commission shall take into consideration (I) the significance of the information provided by the whistleblower to the success of the covered judicial or administrative action; (II) the degree of assistance provided by the whistleblower and any legal representative of the whistleblower in a covered judicial or administrative action; (III) the programmatic interest of the Commission in deterring violations of the securities laws by making awards to whistleblowers who provide information that lead to the successful enforcement of such laws; and (IV) such additional relevant factors as the Commission may establish by rule or regulation; and shall not take into consideration the balance of the Fund.

确定奖励金数额和拒绝给予奖励金条款赋予了SEC较大的裁量权。是否给予奖励金以及奖励金的数额最终由SEC确定。确定奖励金的标准并非依据严格的数学公式，而是根据案件事实衡量。这些衡量标准包括举报人所提供的信息对于胜诉的重要性，举报人和其代理人对案件的帮助程度，给予提供信息引导胜诉的举报人奖励金对遏制违反美国证券法行为的意义等。上文提及的2019年3月26日的案件最终裁决中指出，“In determining whether an individual’s information significantly contributed to an action, we consider factors such as whether the information allowed us to bring the action in significantly less time or with significantly fewer resources; additional successful claims; or successful claims against additional individuals or entities. The individual’s information must have been “meaningful” in that it “made a substantial and important contribution” to the success of the covered action.”也就是说，在评估举报人提供的信息是否对案件诉讼有意义时，需考量该信息是否极大地节省了案件调查时间，节约了案件调查资源，是否帮助其他案件获得胜诉，或者是否帮助相关机构对其他个人或组织成功索赔。举报人的信息必须是意义非凡的，对所涉案件有极其重大和重要的意义。这种衡量标准对举报人信息的质量要求是极高的。举报人并非随随便便的提供一些信息就能获得高额的奖励金。值得注意的是，该条强调奖励金的数额不受投资者保护基金账户余额的影响，确保适格举报人获得赔偿。该条还对举报人的资质、举报信息的来源进行了限制。例如，如果举报人获得原始信息并向SEC举报时，是某些监管机构、司法部门、自律组织、执法机构或者是上市公司会计监管委员会等组织的职员或成员，则不在受奖励的范围之内。另外，如果举报人为所涉违反美国证券法案件中的违法者，亦不能获得奖励。

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Investor Protection Fund 投资者保护基金条款

There shall be deposited into or credited to the Fund an amount equal to (i) any monetary sanction collected by the Commission in any judicial or administrative action brought by the Commission under the securities laws that is not added to a disgorgement fund or other fund under section 308 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7246) or otherwise distributed to victims of a violation of the securities laws, or the rules and regulations thereunder, underlying such action, unless the balance of the Fund at the time the monetary sanction is collected exceeds $300,000,000; (ii) any monetary sanction added to a disgorgement fund or other fund under section 308 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7246) that is not distributed to the victims for whom the Fund was established, unless the balance of the disgorgement fund at the time the determination is made not to distribute the monetary sanction to such victims exceeds $200,000,000; and (iii) all income from investments made under paragraph.

投资者保护基金是由美国国会在美国财政部建立，全称为证券交易委员会投资者保护基金（Securities and Exchange Commission Investor Protection Fund）。投资者保护基金中的钱主要来源于证券法违法者向SEC支付的金钱制裁金。举报人的奖励金并非来源于受害投资者。此基金由SEC支配，专门用以支付举报人的奖励金，资助SEC中监察员的活动。有趣的是，投资者保护基金并非一潭死水，美国证券法还规定SEC可以请求财政部部长使用部分基金进行投资，所有投资收益归属于投资者保护基金。SEC每年定期向银行、白宫、议会汇报基金使用和收益等基本情况。

Appeal 上诉条款

Any such determination, except the determination of the amount of an award if the award was made in accordance with subsection (b), may be appealed to the appropriate court of appeals of the United States not more than 30 days after the determination is issued by the Commission.

鉴于SEC对奖励金有很大的裁量权，为了保障举报人获得赔偿，法条赋予举报人提出诉讼的权利。在上诉条款中规定，如果举报人对于SEC作出的决定不满，可以在SEC公布决定之日起30天内诉讼至相应有管辖权的美国上诉法院。

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Representation 代理条款

(1) Prohibition against retaliation

(A) In general

No employer may discharge, demote, suspend, threaten, harass, directly or indirectly, or in any other manner discriminate against, a whistleblower in the terms and conditions of employment because of any lawful act done by the whistleblower—

(i) in providing information to the Commission in accordance with this section;

(ii) in initiating, testifying in, or assisting in any investigation or judicial or administrative action of the Commission based upon or related to such information; or

(iii) in making disclosures that are required or protected under the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7201 et seq.), this chapter, including section 78j–1(m) of this title, section 1513(e) of title 18, and any other law, rule, or regulation subject to the jurisdiction of the Commission.

(B) Enforcement

(i) Cause of action

An individual who alleges discharge or other discrimination in violation of subparagraph (A) may bring an action under this subsection in the appropriate district court of the United States for the relief provided in subparagraph (C).

(ii) Subpoenas

A subpoena requiring the attendance of a witness at a trial or hearing conducted under this section may be served at any place in the United States.

(iii) Statute of limitations

1. In general

An action under this subsection may not be brought—

(aa) more than 6 years after the date on which the violation of subparagraph (A) occurred; or

(bb) more than 3 years after the date when facts material to the right of action are known or reasonably should have been known by the employee alleging a violation of subparagraph (A).

(II) Required action within 10 years

Notwithstanding subclause (I), an action under this subsection may not in any circumstance be brought more than 10 years after the date on which the violation occurs.

Relief for an individual prevailing in an action brought under subparagraph (B) shall include—

(i) reinstatement with the same seniority status that the individual would have had, but for the discrimination;

(ii) 2 times the amount of back pay otherwise owed to the individual, with interest; and

(iii) compensation for litigation costs, expert witness fees, and reasonable attorneys’ fees.

为保护举报人，美国证券法规定了保护举报人条款，包括禁止对举报人打击报复条款（Prohibition Against Retaliation）以及举报人保密条款（Confidentiality）。如果举报人害怕被打击报复，往往不会提供自己所知的信息。举报人保护的条款是保障此制度成功的关键。保护举报人的利益，也就保证了举报人提供信息的积极性。SEC在举报人激励和保护机制2018年举报人项目年度报告中透露出了会继续完善禁止对举报人打击保护的条款，加大对举报人的保护力度。

禁止打击报复条款首先规定了禁止对举报员工以解聘、降职、威胁、骚扰等方式报复。如果举报人受到上述歧视性报复可在相应的地方法院起诉。需注意起诉有相应的诉讼时效，超过诉讼时效的，举报人的权益将不被保护。如果举报人胜诉，举报人获得的救济包括恢复受到歧视前的职位，获得受到损失的两倍价款作为赔偿，获得诉讼费用、专家证人的费用和相应的律师费等。

(2) Confidentiality

(A) In general

Except as provided in subparagraphs (B) and (C), the Commission and any officer or employee of the Commission shall not disclose any information, including information provided by a whistleblower to the Commission, which could reasonably be expected to reveal the identity of a whistleblower, except in accordance with the provisions of section 552a of title 5, unless and until required to be disclosed to a defendant or respondent in connection with a public proceeding instituted by the Commission or any entity described in subparagraph (C). For purposes of section 552 of title 5, this paragraph shall be considered a statute described in subsection (b)(3)(B) of such section.

(B) Exempted statute

For purposes of section 552 of title 5, this paragraph shall be considered a statute described in subsection (b)(3)(B) of such section 552.

Nothing in this section is intended to limit, or shall be construed to limit, the ability of the Attorney General to present such evidence to a grand jury or to share such evidence with potential witnesses or defendants in the course of an ongoing criminal investigation.

(D) Availability to government agencies

(i) In general

Without the loss of its status as confidential in the hands of the Commission, all information referred to in subparagraph (A) may, in the discretion of the Commission, when determined by the Commission to be necessary to accomplish the purposes of this chapter and to protect investors, be made available to (I) the Attorney General of the United States; (II) an appropriate regulatory authority; (III) a self-regulatory organization; (IV) a State attorney general in connection with any criminal investigation; (V) any appropriate State regulatory authority; (VI) the Public Company Accounting Oversight Board; (VII) a foreign securities authority; and (VIII) a foreign law enforcement authority.

在保密条款中，除了司法豁免或者涉及刑事犯罪中用于法庭证据的情形，SEC不能透露任何可能暴露举报人身份的信息。SEC对这些保密信息是否可以透露给某些政府机构具有裁量权。这些政府机构包括美国司法部长，合适的监管机构，自律性组织，调查刑事犯罪的州长，适当的州监管机构，上市公司会计监管委员会，外国证券监管机构或者外国执行机构。总体来讲，透露举报人身份信息的情形是非常有限的。

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注：

本文中的英文法条摘自：

https://www.law.cornell.edu/uscode/text/15/78u-6

考本文部分内容参

2018 Annual Report to Congress of Whistleblower Program

美国证券交易委员会新闻，

https://www.sec.gov/news/press-release/2019-42