(d) STUDY OF WHISTLEBLOWER PROTECTION PROGRAM.—
(1) STUDY.—The Inspector General of the Commission shall conduct a study of the whistleblower protections established under the amendments made by this section, including—
(A) whether the final rules and regulation issued under the amendments made by this section have made the whistleblower protection program (referred to in this subsection
as the ‘‘program’’) clearly defined and user-friendly;
(B) whether the program is promoted on the website of the Commission and has been widely publicized;
(C) whether the Commission is prompt in—
(i) responding to—
(I) information provided by whistleblowers;
and
(II) applications for awards filed by whistleblowers;
(ii) updating whistleblowers about the status of
their applications; and
(iii) otherwise communicating with the interested
parties;
(D) whether the minimum and maximum reward levels are adequate to entice whistleblowers to come forward with information and whether the reward levels are so high
as to encourage illegitimate whistleblower claims;
(E) whether the appeals process has been unduly burdensome for the Commission;
(F) whether the funding mechanism for the Investor Protection Fund is adequate;
(G) whether, in the interest of protecting investors and identifying and preventing fraud, it would be useful for Congress to consider empowering whistleblowers or
other individuals, who have already attempted to pursue the case through the Commission, to have a private right of action to bring suit based on the facts of the same
case, on behalf of the Government and themselves, against persons who have committee securities fraud;
(H)(i) whether the exemption under section 552(b)(3) of title 5 (known as the Freedom of Information Act) established in section 21F(h)(2)(A) of the Securities Exchange
Act of 1934, as added by this Act, aids whistleblowers in disclosing information to the Commission;
(ii) what impact the exemption described in clause (i) has had on the ability of the public to access information about the regulation and enforcement by the Commission
of securities; and
(iii) any recommendations on whether the exemption described in clause (i) should remain in effect; and
(I) such other matters as the Inspector General deems
appropriate.
(2) REPORT.—Not later than 30 months after the date of enactment of this Act, the Inspector General shall—
(A) submit a report on the findings of the study required under paragraph (1) to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee
on Financial Services of the House; and
(B) make the report described in subparagraph (A) available to the public through publication of the report on the website of the Commission.