North Carolina Banking Institute


This Note argues that the Fifth Circuit’s holding should be disregarded and the definition of a whistleblower should be expanded to include those who report potential securities laws violations internally, in addition to those who report directly to the SEC. This Note proceeds in four parts. Part II explains the differences between the anti- retaliation provisions of SOX and Dodd-Frank. Part III provides an overview of the approach taken by the Fifth Circuit in adopting a restrictive definition of whistleblower in Asadi. Part IV discusses how the majority of courts choose not to follow the Fifth Circuit after correctly applying either the two step process set forth in Chevron v. Natural Resources Defense Council, Inc. or the new textualism doctrine. Part V concludes with an analysis of the practical implications of a narrow definition for employees, employers’ internal compliance programs, and the SEC.

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