of the monetary sanctions imposed in the action or 
related actions.’’. 
(c) EXCLUSION OF WHISTLEBLOWERS FOUND CUL-
PABLE.—Subsection (c)(2)(B) of such section is amended 
by inserting ‘‘, is found civilly liable, or is otherwise deter-
mined by the Commission to have committed, facilitated, 
participated in, or been complicit in misconduct related to 
such a violation’’ after ‘‘violation’’. 
(d) RULE OF CONSTRUCTION RELATING TO OTHER 
WORKPLACE POLICIES.—Subsection (h)(1) of such sec-
tion is amended by adding at the end the following: 
‘‘(D) RULE OF CONSTRUCTION.—Nothing 
in this paragraph shall be construed as prohib-
iting or restricting any employer from enforcing 
any established employment agreements, work-
place policies, or codes of conduct against a 
whistleblower, and any adverse action taken 
against a whistleblower for any violation of such 
agreements, policies, or codes shall not con-
stitute retaliation for purposes of this para-
graph, provided such agreements, policies, or 
codes are enforced consistently with respect to 
other employees who are not whistleblowers.’’. 
(e) NOTIFICATION TO EMPLOYER.—Paragraph (2) of 
subsection (h) of such section is amended— 
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(1) in the paragraph heading, by striking ‘‘CON-
FIDENTIALITY’’ and inserting ‘‘NOTIFICATION
TO 
EMPLOYER AND CONFIDENTIALITY’’; 
(2) by redesignating subparagraph (A) through 
(D) as subparagraphs (B) through (E), respectively; 
(3) by inserting a new subparagraph (A) as fol-
lows: 
‘‘(A) NOTIFICATION TO EMPLOYER.— 
‘‘(i) NOTIFICATION REQUIRED.—Prior 
to commencing any enforcement action re-
lating in whole or in part to any informa-
tion reported to it by a whistleblower, the 
Commission shall promptly notify any enti-
ty that is to be subject to such enforce-
ment of information received by the Com-
mission from a whistleblower who is an 
employee of such entity to enable the enti-
ty to investigate the alleged misconduct 
and take remedial action, unless the Com-
mission determines in the course of a pre-
liminary investigation not exceeding 30 
days of the alleged misconduct, that such 
notification would jeopardize necessary in-
vestigative measures and impede the gath-
ering of relevant facts, based on— 
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‘‘(I) evidence that the alleged 
misconduct was committed by or in-
volved the complicity of the highest 
level management of the entity; or 
‘‘(II) other evidence of bad faith 
on the part of the entity. 
‘‘(ii) GOOD FAITH.—Where an entity 
notified under clause (i) responds in good 
faith, which may include conducting an in-
vestigation, reporting results of such an in-
vestigation to the Commission, and taking 
appropriate corrective action, the Commis-
sion shall treat the entity as having self-re-
ported the information and its actions in 
response to such notification shall be eval-
uated accordingly.’’; and 
(4) in the heading of subparagraph (B) (as re-
designated by paragraph (3)), by striking ‘‘IN GEN-
ERAL’’ and inserting ‘‘CONFIDENTIALITY’’. 
SEC. 4. STUDY. 
The Comptroller General shall conduct a study to de-
termine what impact, if any, the whistleblower incentives 
program established under section 21F of the Securities 
Exchange Act of 1934 (15 U.S.C. 78u–6) and section 23 
of the Commodity Exchange Act (7 U.S.C. 26) has had 
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on shareholder value. The Comptroller General shall 
transmit to Congress a report on the study not later than 
18 months after the date of enactment of this Act. 
Æ 
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