Section 922 (b) and (c) and Section 929A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA)
Enacted July 21, 2010
[Section 922 (b) and (c) of the DFA amend 18 U.S.C. §1514A, the whistleblower provision of the Corporate and Criminal Fraud Accountability Act, Title VIII of the Sarbanes Oxley Act (SOX).]
§922. WHISTLEBLOWER PROTECTION.
(a) [Paragraph (a) of §922 of the DFA has been omitted from the excerpt because it is not a whistleblower provision administered or enforced by the U.S. Department of Labor.]
(b) Protection for Employees of Nationally Recognized Statistical Rating Organizations - Section 1514A(a) of title 18, United States Code, is amended -
(1) by inserting 'or nationally recognized statistical rating organization (as defined in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c),' after '78o(d)),'; and
(2) by inserting 'or nationally recognized statistical rating organization' after 'such company'.
(c) Section 1514A of Title 18, United States Code -
(1) STATUTE OF LIMITATIONS; JURY TRIAL- Section 1514A(b)(2) of title 18, United States Code, is amended --
(A) in subparagraph (D) --
(i) by striking '90' and inserting '180'; and
(ii) by striking the period at the end and inserting ', or after the date on which the employee became aware of the violation.'; and
(B) by adding at the end the following:
'(E) JURY TRIAL- A party to an action brought under paragraph (1)(B) shall be entitled to trial by jury.'.
2) PRIVATE SECURITIES LITIGATION WITNESSES; NONENFORCEABILITY; INFORMATION- Section 1514A of title 18, United States Code, is amended by adding at the end the following:
'(e) Nonenforceability of Certain Provisions Waiving Rights and Remedies or Requiring Arbitration of Disputes-
'(1) WAIVER OF RIGHTS AND REMEDIES- The rights and remedies provided for in this section may not be waived by any agreement, policy form, or condition of employment, including by a predispute arbitration agreement.
'(2) PREDISPUTE ARBITRATION AGREEMENTS- No predispute arbitration agreement shall be valid or enforceable, if the agreement requires arbitration of a dispute arising under this section.'.
§929A. PROTECTION FOR EMPLOYEES OF SUBSIDIARIES AND AFFILIATES OF PUBLICLY TRADED COMPANIES.
Section 1514A of title 18, United States Code, is amended by inserting "including any subsidiary or affiliate whose financial information is included in the consolidated financial statements of such company" after "the Securities Exchange Act of 1934 (15 U.S.C. 78o(d))".