Exchange Act Rule 21F-17, adopted in 2011 under the auspices of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, prohibits any person from taking any action to impede an individual from communicating directly with the SEC, including by “enforcing, or threatening to enforce, a confidentiality agreement . . . .” The SEC has prioritized enforcing this rule expansively, by requiring employers to provide SEC-specific carveouts to policies and agreements governing confidentiality. According to an Order issued last week against The Brink’s Company ( “Brink’s” or “Brinks”), the SEC seems to suggest that employers must provide a specific carveout in restrictive covenant agreements permitting employees and former employees to report information to the SEC in addition to the statutory disclosure provided for in the federal Defend Trade Secrets Act (DTSA).
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Recent Updates
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- New Jersey Trade Secret Laws: 2025 Update
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- President Trump’s August 13, 2025, Executive Order Rescinds President Biden’s Executive Order on Non-Competes, Turning the Clock Back to an Era of Federal Deregulation
- Expanding the Reach of the DTSA: New Ruling Clarifies “Act in Furtherance” Requirement