I 
112TH CONGRESS 
1ST SESSION H. R. 2483 
To amend the Securities Exchange Act of 1934 and the Commodity Exchange 
Act to modify certain provisions relating to whistleblower incentives and 
protection. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 11, 2011 
Mr. GRIMM (for himself, Mr. GARRETT, Mr. STIVERS, and Mr. CAMPBELL) 
introduced the following bill; which was referred to the Committee on Fi-
nancial Services, and in addition to the Committee on Agriculture, for a 
period to be subsequently determined by the Speaker, in each case for 
consideration of such provisions as fall within the jurisdiction of the com-
mittee concerned 
A BILL 
To amend the Securities Exchange Act of 1934 and the 
Commodity Exchange Act to modify certain provisions 
relating to whistleblower incentives and protection. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Whistleblower Im-
provement Act of 2011’’. 
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SEC. 2. AMENDMENTS TO THE SECURITIES EXCHANGE ACT 
OF 1934. 
(a) EXCLUSION OF CERTAIN COMPLIANCE OFFICERS 
AND
INTERNAL
REPORTING
AS
A
CONDITION
OF 
AWARD.—Section 21F of the Securities Exchange Act of 
1934 (15 U.S.C. 78u–6) is amended— 
(1) in subsection (b), by redesignating para-
graph (2) as paragraph (3) and inserting after para-
graph (1) the following: 
‘‘(2) INTERNAL REPORTING REQUIRED.—In the 
case of a whistleblower who is an employee providing 
information relating to misconduct giving rise to the 
violation of the securities laws that was committed 
by his or her employer or another employee of the 
employer, to be eligible for an award under this sec-
tion, the whistleblower, or any person obtaining re-
portable information from the whistleblower, shall— 
‘‘(A) first report the information described 
in paragraph (1) to his or her employer before 
reporting such information to the Commission; 
and 
‘‘(B) report such information to the Com-
mission not later than 180 days after reporting 
the information to the employer.’’; and 
(2) in subsection (c)(2)— 
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(A) in subparagraph (C), by striking ‘‘or’’ 
at the end; and 
(B) by redesignating subparagraph (D) as 
subparagraph (F) and inserting after subpara-
graph (C) the following: 
‘‘(D) to any whistleblower who fails to first 
report the information described in subsection 
(b)(1) that is the basis for the award to his or 
her employer before reporting such information 
to the Commission, in the case where the mis-
conduct giving rise to the violation of the secu-
rities laws was committed by such employer or 
an employee of the employer, unless the whistle-
blower alleges and the Commission determines 
that the employer lacks either a policy prohib-
iting retaliation for reporting potential mis-
conduct or an internal reporting system allow-
ing for anonymous reporting, or the Commis-
sion determines in a preliminary investigation 
not exceeding 30 days that internal reporting 
was not a viable option for the whistleblower 
based on— 
‘‘(i) evidence that the alleged mis-
conduct was committed by or involved the 
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