On September 23, the Securities and Exchange Commission (“SEC”) amended Rule 21F, which relates to its whistleblower program, in order to “ensure whistleblowers are properly incentivized.” Among other things, the amendments introduce the presumption that the statutory maximum award will be made where it is $5 million or less—which represents the substantial majority of all whistleblower awards to date—if no negative award factors (such as culpability or unreasonable delay) are present. The SEC approved the amendments by a 3-to-2 vote, with Commissioners Lee and Crenshaw dissenting. The whistleblower program amendments will become effective 30 days after publication in the Federal Register.