TO REPORT OR NOT TO REPORT?—SUPREME COURT DETERMINES DODD-FRANK’S WHISTLEBLOWER PROTECTION ONLY EXTENDS TO INDIVIDUALS WHO REPORT DIRECTLY TO THE SEC

On February 21, 2018, the United States Supreme Court clarified whether Dodd-Frank’s anti-retaliation provision for “whistleblowers” extends to individuals who have not reported a securities law violation to the Securities and Exchange Commission (“Commission” or “SEC”). The Court unanimously held that protection extends only to those who report a securities law violation to the Commission.